Almond Market Report - December 8, 2009
Today the Almond Board of California reported:
November 2009 shipments were 145 million lbs. - a new record
- 23% above November 2008 shipments of 118.2 million
- Domestic shipments were up 15.7% and exports were up 25.6%
The market has been very firm with prices rising further during the past month.
SHIPMENTS/DEMAND:
Industry expectations were for very strong November shipments and we think this figure met or exceeded expectations. For the season, shipments are up 12%.
THE 2009 CROP:
We have nearly completed hulling, shelling, and receiving at Hilltop Ranch. All almonds are out of the fields and there are very few huller/shellers working through stockpiles. Taking a general look at receiving, we think we are about 1 month ahead of where we were at the same time last season, and if that is the case, the crop will come in right around the estimate of 1.35 billion lbs. Nonpareil receipts, estimated by NASS to be down 26%, are only off 20.9% with more receipts still to come.
OUTLOOK:
If the industry continues shipping at such a heavy pace, prices are likely to go higher. We expect December to be another strong shipping month. Last season the industry did not begin shipping heavily until February through July. Our bigger demand test will come during that time period, though by the time we receive the February position report, we will have seen how bloom went and that will obviously have a big impact on price development.
For more information, contact Paul Ewing
