Almond Market Update - April 22, 2020
We suspect that everyone’s dwellings must have all DIY projects well underway (if not already completed by now!). With fresh sourdough rising and tasty macarons fresh out of the oven, the pantries are getting full!
Yes, we are all still hard at work and for all the essential workers bravely facing their jobs every day, we must not forget that they are putting themselves at risk for the greater good helping to manufacture, transport goods, and service and stock the shelves! Please do what you can to support them.
Week 17 Update:
- April shipments have been very good and are expected again to exceed last April’s shipments, which would be the fifth straight month of record shipments.
- With over 80% of the crop sold now, at some point there will be a rebound.
- Pricing continues to be amongst the lowest levels we have seen in many years. What a great time to cover any remaining needs before the prices bounce!
- The 2020 crop is currently estimated to be from 2.70 billion to 2.85 billion pounds. With the carry-over likely higher than last year, total supply is expected to eclipse 3 billion pounds.
- Several critical markets such as India and Iran remain closed for several more weeks to follow. The China market remains sluggish as they move through local stocks and their peak season has passed.
- The disruption throughout the world markets will remain a challenge for the industry for the remainder of the crop year.
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