MARKET REPORT
ALMOND MARKET UPDATE
Blue Diamond Growers Almond Market Report – May 17, 2024
OVERVIEW Shipments for April totaled 241.5 million pounds, marking a 2% increase from the previous month and a 22% rise compared to the same period last year. April marks the second strongest shipping month of the crop year to date, coming in well above industry expectations. Domestic shipments achieved their best performance of the year at 64.8 million pounds, reflecting a 4% increase from the previous month and a 14% increase over last year. Export shipments turned in another strong month at 176.7 million pounds, up 1% from last month and up 26% from last year. Total shipments increased their lead over last year’s pace and are now 4.2% ahead.
SHIPMENTS India:
Shipments to India reached 33 million pounds, a 64% increase from last year with year-to-date shipments now 18% ahead of last year. Buying activity was limited in the weeks leading up to the Subjective Estimate but quickly picked up following its release. This uptick was expected given India will have to cover a good portion of its needs for Diwali from current crop supplies. The 2024 Diwali festival begins October 31, approximately two weeks earlier than in 2023. Demand is expected to persist in the coming weeks. China/Hong Kong/Vietnam: Shipments to the region totaled 12 million pounds, a 2% increase to last year. Year-to-date shipments are 13% behind last season. Buying activity was quiet and mainly limited to Australian purchases leading up to the Subjective Estimate. Activity increased following the estimate release, with buyers beginning to make new crop purchases.
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ALMOND FACTS
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