showed strong performance during the recent Mid-Autumn Festival, and similar expectations are set for the CNY festival starting on January 29. In-market inventories are reported to be minimal, with buyers proceeding cautiously while still hoping for price softening. However, some buyers have opted to cover small volumes for post-CNY demand at current price levels as inshell prices remain supported by current demand. Following the re-election of President Donald Trump, buyers are expected to maintain their cautious approach until his administration’s stance on tariffs becomes clearer. Europe: Shipments to Europe totaled 42.1 million pounds, down just over 4% from last year, bringing year-to-date shipments to 111.7 million pounds, a 25% decline compared to the previous year. European buyers remain skeptical about higher California prices, turning to limited local supplies where available. Additionally, buyers continue to face challenges in finding sufficient offers of STD5 from California. As a result, it is likely that European buyers will maintain a hand-to-mouth purchasing approach for the foreseeable future. Middle East: The Middle East continues to stand out for exports, with impressive shipments totaling 57.2 million pounds, a 46% increase over last year. Year-to-date shipments have surpassed 105 million pounds, reflecting a 41% increase. Many buyers are adjusting to the ongoing firmness in prices, and those who had been waiting are now moving quickly to meet remaining Ramadan needs. The UAE, Turkey, and Saudi Arabia have shown notable growth this year, with the UAE now ranking as the second-largest export market after India, followed by Turkey in third. Domestic: October shipments reached 67.4 million pounds, 18% ahead of last year, marking the strongest month for domestic shipments since the record set in the 2020/21 crop year. This resulted in a year-over-year increase of 2%, a strong rebound from the 5% deficit following September’s results. Buyers have adopted a hand-to-mouth purchasing approach due to recent price firming, leading to domestic commitments being down 20.8% year-over-year. Despite this cautious buying strategy, new sales for the month are up 4%.
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NOVEMBER–DECEMBER 2024
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