MARKET REPORT
ALMOND MARKET UPDATE
Blue Diamond Almond Market Update – September
OVERVIEW The California almond industry began the 2024 crop year with August shipments totaling 168.3 million pounds, a decrease of 6% from the previous month and 21% from last year. Domestic shipments were strong at 62.1 million pounds, up 1% from the previous year. In contrast, exports cooled to 106.2 million pounds, down 29% from the prior year. Overall, shipments fell short of expectations due to slower exports resulting from tight inventories at the end of the 2023 crop year. However, with new crop inventories now available, September shipments are anticipated to increase.
SHIPMENTS India:
India began the crop year on a high note with shipments totaling 27.9 million pounds, marking a 24% increase from the previous year. After a sluggish July, market activity picked up throughout the month due to dwindling local inventories and longer transit times. As a result, prices strengthened. Demand is expected to remain robust through October and into November as the market prepares to meet post-Diwali needs. China/Hong Kong/Vietnam: Shipments to the region totaled 5.5 million pounds, marking a 35% decline from last year. Chinese buyers have increasingly favored Vietnam due to its duty advantage, with Vietnam receiving 3.8 million pounds of this volume, a 71% increase from the previous year. Buyers have returned to the market, gaining confidence that prices are not likely to drop in the near term. The Chinese Mid-Autumn Festival, celebrated from September 15-17, will be closely monitored for insights into consumer demand. This holiday, a precursor to Chinese New Year, will significantly influence buying activity in the weeks leading up to the Festival.
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ALMOND FACTS
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