Consumers are showing growing appetite for California almonds with high demand observed in the first month of the new 2020/21 season (August to July). This follows from robust demand in 2019/20 when shipments from California hit an all-time high of 2.37 billion pounds.
August shipments totalled 193.1 million pounds, up 31% year-on-year (y-o-y) and a record for August. More interestingly, August exports rose almost by half compared to last year, to 127 million pounds, driven by strong growth in most destination markets. Among others, Europe imported 31% more almonds than last year, while India more than doubled its imports ahead of the Diwali.
Moreover, by the end of August, the volume of committed (not sold) almond stocks reached 1.06 billion pounds, an increase of 88% y-o-y.
The sustained demand within the industry, coupled with concerns over the impact of the California wildfires on this year’s crop has allowed prices to rebound from the decade-low of $1.75/lbs FAS US, back in August.
The Mintec Benchmark Price of California almonds Standard Sheller Run FAS US rose 14% in the four weeks to 16th September, to $2.00/lbs.