The Mintec Benchmark Prices of Californian almonds, standard 5% FAS US, edged higher in the four-week period to 22nd April, by USc 12/lb (+6.7%), to USD 1.90/lb. The benchmark is down 17% year-on-year (y-o-y) but as we continue progressing through the 2020/21 season, the y-o-y difference will continue to diminish as prices halted their downward trend in June last year. In April 2020, the benchmark averaged USD 2.32/lb, whereas in June 2020, the monthly average was down to USD 1.82/lb, relatively steady compared to the very recent price developments.
On 22nd April, the USDA published its 2020 almond acreage estimate, pegging the bearing acreage at 1.25 million acres, an increase of 5.9% y-o-y, with an additional 350,000 acres of non-bearing acreage. The agency revised the 2020 bearing acreage down by 10,000 acres from its preliminary estimate published in April 2020. For the 2021 bearing acreage, the USDA has published a preliminary estimate of 1.33 million acres, an increase of 80,000 acres compared to 2020.
An estimate released by Land IQ, an agricultural research and consulting firm which conducts land surveys for the Almond Board of California, projects the 2021 bearing acreage at 1.323 million acres. Land IQ will publish its final 2021 acreage estimate in November 2021.
Download the weekly Mintec Almond Pricing Report