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Pistachio Market Update - May 2022

The pistachio market remains firm, driven by continued strong demand from export markets and limited selling support. At the INC Conference in Dubai, it was revealed that both U.S. and Iran are expecting smaller crops than last year. This announcement, combined with most Independent U.S. sellers being very well sold on 2021 crop, has led to a sharp price increase over recent weeks. Current crop Inshell Extra 21/27 has moved from $3.50 to $3.70+ over the last month, with new crop pricing also increasing accordingly. However, new crop is still trading at a $0.10-$0.15 discount to current crop. We expect the market to remain firm at least until early July, when the next round of crop checking will happen in California post nut fill.

With the recent price increase on both current and new crop, it is now unlikely that we see 2022 crop pricing open lower. As many sales will be placed into China between now and new crop due to the early Chinese New Year, sellers will not want to open at a lower price than recently concluded contracts. A similar scenario occurred last year and led to a sloppy market early in the crop year.

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