In California, nut fill results have started to come in and results are promising for the 2022 crop development. Up and down the state, nut fill looks to be right in line with a normal year. As a result, most industry expectations for the 2022 crop are now between 1.0-1.2 billion pounds. The consensus is that we are likely looking at a crop similar to last year’s 1.16 billion pounds, or slightly short of this. Most sellers are done selling 2021 crop as they do not have any additional production capacity. Interest has turned to new crop sales, where Inshell Ex 21/17 pricing is most heard around $3.55 FAS. Reports continue to pour in from overseas markets that Iran’s 2022 crop will indeed be smaller than last year’s crop, due to frost events. Expectations are for a stable market moving forward. It is important to note that the California crop still has a long way to go before harvest and any significant change in crop outlook can affect forward pricing.
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