The Almond Board of California has released its latest Almond Industry Position Report, providing valuable insights into supply, shipments, and market trends. Here’s what growers need to know.
Almond Supply Overview
The report reveals shifts in supply dynamics compared to the previous year:
Carry-In Inventory: As of August 1, 2024, carry-in inventory stood at 502.7 million pounds, marking a significant 37.19% decrease from last year’s 800.3 million pounds.
Crop Receipts: The industry has received approximately 2.66 billion pounds, an 11.42% increase from the 2.39 billion pounds recorded during the same period last year.
Total Supply: Combining carry-in and new crop marketable almonds, total supply has reached 3.11 billion pounds, showing a slight 0.96% decline from last year’s 3.14 billion pounds.
Almond Shipments: Domestic and Export Trends
Shipment figures indicate slight fluctuations across domestic and international markets:
Domestic Shipments: U.S. shipments have reached 357.6 million pounds, reflecting a minor 1.02% decrease from 361.2 million pounds in the prior year.
Export Shipments: International shipments stand at 1.02 billion pounds, a modest 0.35% decline from the previous year.
Total Shipments: Combined domestic and export shipments total approximately 1.37 billion pounds, showing a 0.53% decrease from last year’s 1.38 billion pounds.
Inventory and Market Commitments
The industry continues to navigate inventory levels and outstanding commitments:
Uncommitted Inventory: Currently at 1.17 billion pounds, this represents a 3.83% increase from last year’s 1.13 billion pounds.
Total Committed Shipments: Commitments to both domestic and export markets have dropped by 10.33%, from 637.4 million pounds last year to 571.6 million pounds.
Market Implications and Strategic Considerations
Despite a strong production year reflected in higher crop receipts, the slight decline in total shipments and a rise in uncommitted inventory indicate potential challenges in demand. Growers and industry stakeholders may need to refine marketing strategies and evaluate pricing models to maintain market stability.
Industry Outlook and Next Steps
The latest Almond Industry Position Report underscores the need for proactive planning and market adaptation. As the sector navigates supply and demand fluctuations, industry players should stay informed and explore opportunities to enhance domestic and global consumption.
For a detailed review of the full report, visit the Almond Board of California’s official publication: almonds.com.
