MARKET REPORT
ALMOND MARKET UPDATE
Blue Diamond Almond Market Update – July 2024
OVERVIEW June shipments met industry expectations reaching 206.2 million pounds. This marks a 9% decrease from last month and a 10.5% increase from the same time last year. Domestic shipments were 62.0 million pounds, reflecting a 2% increase over last year, while export shipments were up 15% compared to last year at 144.1 million pounds. These results continue the theme of strong shipments observed throughout the season, leading to a year-to-date shipment increase of 5.7% compared to the previous season. With one month remaining in the crop year, the industry is on pace to ship over 2.7 billion pounds, ending the year with a carryout of around 485 million pounds.
SHIPMENTS India:
India continues its strong pace with 26.9 million pounds in shipments for the month, recording a 74% increase from last year. Year-to-date shipments have increased 24% compared to the previous season. Leading up to the objective estimate, buyers have been relatively quiet. However, now that the report has been released, activity is expected to resume. With a smaller crop projection, California prices are firming, making local Indian prices more attractive and more likely to drive increased demand. Additionally, an earlier Diwali festival is expected to further boost demand. China/Hong Kong/Vietnam: Shipments to the region are still facing obstacles, amounting to 5.5 million pounds for the month. This marks a 52% decrease compared to last year and a 14.7% decrease year-to-date. Lower than usual demand continues to challenge the region with buyers remaining quiet in June after an active May. At present, local prices are lower than California offers. Buyers are expected to maintain a cautious approach until demand increases. The upcoming Mid-Autumn Festival in September is expected to present an opportunity for improvement.
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ALMOND FACTS
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