Pistachios, Market Update 26.06.2023

Exports Save the Day

US pistachio exports are on the rise, with shipments to Turkey more than doubling and India tripling. Year-to-date exports have reached 501 million pounds, which is 18% up on last year's 423 million pounds.

China remains the most important export destination for US pistachios, followed by Turkey and Germany. However, shipments to Turkey and India have seen the most significant growth. (Mundus Agri)

Production to Rise by 37%

Global pistachio production is also expected to rise by 37% in 2023/2024. The US crop is expected to range 47% higher than in 2022/2023, and production in Iran should also rebound by 89%.

Conditions in California are Excellent

Conditions in California, the world's leading pistachio-producing region, have been excellent so far this season. The fruit sets appear to be good, and the only worry is potential rains that may delay harvesting.

Prices Have Recovered in Iran

Prices for pistachios in Iran have recovered after falling to a low in February. They also gained considerable support in the first week of June. Although exchange rate fluctuations and other political factors largely dominate export prices here, rises in the run-up to the arrival of the new crop in September have been observed in recent years.

Conclusion

The pistachio market is looking positive for the 2023/2024 season. Exports are on the rise, production is expected to increase, and conditions in California are excellent. Prices have recovered in Iran, and there is potential for further gains in the run-up to the arrival of the new crop.