Californian Almonds Shipments up 16% on last year!!
The Almond Board of California released the February Position Report detailing shipments of 234 million pounds, up 16% over last year.
- This represents the sixth record shipment month out of seven
- This does come as a surprise to the industry with shipping issues persisting through the month. There were many in the industry who were expecting a negative shipment number compared to last February
- Both the domestic and export markets posted records with a strong recovery in the domestic market compared to January
- YTD shipments are up 16% over last year
- Commitments are also up 50%
- Crop Receipts have hit 3.08 billion pounds
- After the January Position Report California faced pressure from all regions. Prices pushed down to 10 year historic lows and stabilised. Buyers continued to participate throughout the month recognising these levels as too attractive not to be doing something. As we headed into March buyers also stepped into the new crop market aided by support from California with small premiums over current.
- Net new sales were 189 million pounds, 1% down compared to last year
- California is now 73% sold against total supply
- India was 13% down for the month. The in-shell market continues to firm upwards with a shortage of supply and continued robust demand.
- Middle East had a strong shipment month ahead of Ramadan
- This position report is likely to keep the market stable trading in a small range and prevent further lows. We could see some firmness out of the growers after what has to be considered a bullish position report, but carryout pressure will prevent the market from running away