MARKET REPORT
COMMITMENTS Total commitments reached 561.2 million pounds, slightly below last year’s level, reflecting an 11.96% decrease compared to the previous year. Both domestic and export commitments are lower, with exports down by 5%. Uncommitted inventories have increased to 1.3 million pounds, up 9.9% from last year. New sales totaled 182.5 million pounds, a 17% decrease compared to last year, indicating the continuation of a short-term buying strategy across regions. Assuming a 2.8-billion-pound crop, current shipments and commitments account for 53% of total supply, compared to 56% last year. CROP This year’s harvest is complete, with crop receipts totaling 2.58 billion pounds, reflecting a 15.6% increase compared to last year’s 2.23 billion pounds. However, it’s important to note that last year’s harvest was delayed due to weather conditions. When including the average receipts from January to July at approximately 174 million pounds, the crop estimate comes to around 2.75 billion pounds. This aligns with industry expectations, and it seems unlikely that the harvest will exceed the 2.8-billion-pound Objective Estimate at this point.
Market Perspective December shipments met market expectations, and year-to-date performance is on par with last year’s pace. Sellers are gaining confidence as the crop is delivered and prices continue to rise. Similarly, buyers are adjusting to higher prices and becoming more assured in their purchases. Destination inventories remain tight, with incoming products going directly to market instead of being stored, indicating strong demand that is likely to sustain prices into the new year. The next key milestone will be the almond bloom in February, when the industry will begin assessing the prospects of the 2025 crop.
I look forward to connecting with you at the PTNPA Convention in Scottsdale.
Laura Gerhard, Vice President of Ingredients and International Branded, Blue Diamond Growers
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ALMOND FACTS
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