Almond Market Report - June 10, 2009
Today the Almond Board of California reports:
May 2009 shipments were 119.4 million lbs.
- About 35% above May 2008 shipments of 88.5 million - the previous record
- Domestic shipments were up 18% and exports were up 42%
The market has been quiet for the past couple weeks. Prior to the release of the figures, prices for small Cals softened, Nonpareils remained firm and pricing for other varieties and sizes were sloppy.
SHIPMENTS/DEMAND:
Shipments are up 8.6% for the season (since August). Strong May shipments were expected, but we think being up about 35% is surprisingly high. We have to keep in mind that some markets may have over-bought, time will tell, and June shipments could be less impressive after buyers have to absorb such a large volume shipped in May. In May we are also comparing against 88.5 million lbs. from May ‘08 while next month we will be comparing with June ‘08 figures of 102.7. Regardless, looking back 4 or 6 months, we see an extremely impressive shipment trend.
THE 2009 CROP:
Growing conditions have been good for the past several weeks, with warm but not too hot of weather. We believe kernel sizes will be more widely distributed next season, but we await NASS’s objective estimate report to get more info on estimated kernel sizing and crop volume.
OUTLOOK:
Since we sent out our last report, many of us expected a fairly quiet market to continue until the release of the objective estimate on June 30. While we still expect much of the activity will take place after the report, we also anticipate that news of today’s ship figures should help increase market activity for both current and new crops.
For more information, contact Paul Ewing
