Almonds: ministry estimates crop deficit at 44%

Mundus Agri. Resentment over low almond prices continues to grow in the Spanish market. Comparatively low demand and record stocks in California are preventing any significant upward price adjustments. The Spanish Ministry of Agriculture, Fisheries and Food has now also published its estimate for this year's almond crop.

Andalusia suffers the highest losses.

The Spanish almond crop was hit hard this year due to spring frost as well as heat and drought in the summer, which had a negative impact on yields. A noticeable drop in production was the result, which differs depending on the group of experts. For example, the Spanish Ministry of Agriculture, Fisheries and Food recently published its report, which even speaks of a 44% deficit compared to last year; Spanish agricultural media currently quote a difference of 30-50%. With 208,615 mt of inshell almonds, the crop would be 40% below the 5-year average, according to the ministry. Areas in the main growing region of Andalusia are particularly affected; here the crop is said to have declined from 120,000-125,000 mt last year to 50,000-55,000 mt, which is almost 60%.

Prices cause discontent

Spanish market players are more than dissatisfied with this season's price development, because despite the global economic situation caused by the Ukraine war and the smaller crop, prices for Spanish almonds are comparatively cheap. Demand is quite manageable for the season and record stocks in California are putting pressure on prices.

Therefore, prices for Spanish Valencia almonds have been largely stable for several weeks. Meanwhile, the offers for US almonds in the European spot market are subject to slight ups and downs, with California, SSR, 23/25, blanched being offered slightly more expensive again compared to last week.