We are wishing everyone a wonderful holiday season and Happy New Year. While we go off to enjoy the holidays with our immediate families, we look forward to the new year with hopes and aspirations of a safe, healthy and prosperous year with many more to come.
The almond industry has remained exceptionally strong thus far this year, with December and January shipments continuing to appear poised to set additional shipping records.
When we come back from the holidays, expect to see a stable to firming market, with attention being focused on the California weather and the February bloom. We continue to trail behind in our snow pack with only 50% of normal, with little rain in the forecast. January will be critical for making this up.
Be safe out there, we look forward to seeing you again soon.
Week 52 Update:
With over one billion pounds now shipped in just four months of the 2020 crop year, the industry is ahead compared to last year.
Export sales are stronger than expected, especially India. There appears to be continued future consumption in place for the season.
The industry is now 60% sold on total supply versus 52% at this time last year.
All indications point to the 3.0 billion pound crop estimate being accurate.
Fourth quarter shipments are expected to have been strong, the market that will now follow is what determines the rest of the crop year and where pricing will go.
While the vaccines are on the way, we are not out of the woods yet. There is still much concern over future lockdowns and continued market disruptions that could occur.
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