The Mintec Benchmark Prices for standard 5% almonds FAS US fell by 8% in the week ending 13th January 2022, and down 8% month-on-month (m-o-m) at USD 1.84/lb, their lowest since the end of May 2021. Since the price peak on 16th September 2021, the benchmark has shed 26% of its value, and prices are presently 8% below the same time last year.
The latest price decline is primarily attributed to bearish market sentiment following lower-than-anticipated shipments from California in December 2021. In the latest Almond Board of California (ABC) shipment report published on 11th January, the volume of December almond shipments totalled 188.8 million lbs. This is a decline of 26.5% compared to December 2020 and the fourth consecutive month of lower year-on-year (y-o-y) shipments.
Shipments to the domestic US market saw an increase of 5.8% y-o-y in December, whereas exports declined by 36.5%, according to the ABC data. A bid drop in December exports was observed to most of Asia, as well as Europe and North Africa.
Looking ahead, the subdued pricing is expected to stimulate demand response and prices could bounce back.