Almond Market Update - April 1, 2020
While COVID-19 continues to grip our Nation, we would like to take the time to thank our front line workers and those of our customers, suppliers and partners. Since after healthcare, food is the next necessity to support people through this crisis, these employees have been deemed essential in nearly all countries in the world.
On the almond front, processors have been busy trying to fill existing orders that are being pulled forward but new business has been limited as the virus dominates the conversation.
Week 14 Update:
- March shipments continued to be strong, the position report will be released by the ABC on Thursday April 9th. This should prove to be another record month.
- Domestic demand remains strong and most are not fully covered for this crop year. Therefore, we expect to see this trend continue.
- Pricing remains very favorable and is among the lowest levels we have seen in a long time.
- The US Dollar remains strong against other currencies. Exchange rates have been hurt, weakening the purchasing power in export markets.
- With some markets such as India and Iran being closed, supply chain disruptions could impact local businesses and, in turn, demand.
- Supply remains ahead of overall demand worldwide. With limited access to markets and a new crop on the way, the industry will have to work very hard in the closing months ahead.
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