The March shipment report was very strong as pistachios continue to outperform the other California tree nuts on shipments. March shipments were up a total of 35.9%, while total domestic was up 24.7% and total exports up 43.3%. YTD shipments are now up 9.9% versus last year with domestic up 12%, and exports up 8.9%.
Pistachio demand has been very strong over the last month with participation from most global markets. As a result, most sellers are now well sold, with some having gone off the market currently. There are rumors circulating of a frost in Iran that will have an adverse effect on their 2022 crop. However, we are working to verify the validity of these rumors and extent of the damage. As a result of these factors, pistachio pricing remains firm. Inshell Extra 21/27 is currently trading between $3.55 and $3.60 FAS. Kernels have also begun to firm again recently with sales reported as high as $8.90-$8.95.
Early indications are that the California 2022 crop looks “good” post bloom, however, industry estimates still vary widely between 1.0-1.4 billion pounds. It is still too early to narrow down the range any further than that. We will know much more on the potential of the 2022 crop in the coming month.
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