Almond Market Update 14.12.23

According to reports, California almond handlers dispatched more than 238 million pounds in November. This marks the second-highest November shipment rate on record, showcasing a remarkable increase of 16.6% compared to the previous year. The growth is primarily driven by export markets, witnessing a surge of 24.7% year-over-year in November and maintaining a positive pace of 13.9% for the crop year. In contrast, domestic shipments experienced a decline of 2.0% in November and a 1.1% decrease on the crop year.

New sales failed to match the pace of shipments, as committed shipments slightly decreased from October to just over 647 million pounds. The current commitments on the books exhibit a year-over-year decline of 6.3%. Uncommitted inventory has experienced a substantial decrease of nearly -25% year over year, reflecting the impact of California's delayed harvest. Handlers now report receipts nearing 1.9 billion pounds which is a 13.2% reduction following the processing of 533 million pounds in November. Although this figure is 8.1% higher than the processing volume of November last year, it falls below expectations due to ongoing challenges in managing backlogs in stockpile inventories resulting from a delayed harvest start.

At present, reservoir levels are strong for this season, with almost all major operations reporting that water levels are above the historical average for this time of year. Conditions can rapidly change however, and even with El Niño water levels will continue to be monitored throughout the winter and spring.