Almond Update
Today the Almond Board of California reported:
December 2009 shipments were 147.4 million lbs. - a new record
- 57.5% above December 2008 shipments of 93.6 million
- Domestic shipments were up 22% and exports were up 72%
The market has continued very firm with prices rising throughout the past month.
SHIPMENTS/DEMAND:
This is a remarkable shipment figure for December and brings shipments for the season to 719 million vs. 603 last season, up 19%. Shipments to China have already exceeded 100 million lbs., up over 100%. As this is a price sensitive market, and now the largest export market for almonds, there is a lot of interest to see how Chinese consumption looks in a 3-4 months, once Chinese consumers begin to feel the impact of current prices in California and we have seen how their Chinese New Year holiday sales went.
THE 2009 CROP:
Crop receipts as of December 31 were 1.327 billion lbs. We now anticipate that the total crop receipts will surpass the 1.35 billion lb. estimate and perhaps even reach the neighborhood of 1.375 to 1.4 billion lbs.
OUTLOOK:
Prices have increased .50 to 1.00/lb. since the beginning of the season depending on the variety and size. Pricing for small Cals is up .70/lb. just since October. As we have not yet seen the impact of the drastic price increase on consumption, it’s very difficult to access the long-term outlook. The outlook for the next month looks very bullish. With the strong shipments and buying interest seen lately, sellers are now hoping for an excellent bloom and large 2010 crop to help continue to feed demand.
For more information, contact Paul Ewing
