The Mintec benchmark price for Californian almonds stood at $5.84 per kg on 19 February, down 5% m-o-m and 6% y-o-y. The market has been trending down since November last year, pressured by a bumper crop in 2019 and, more recently, favourable blooming conditions.
The almond bloom in California has been progressing rapidly this year, experiencing almost ideal weather conditions which have supported the bee activity. Farmers have been irrigating orchards to maximise pollination in the dry conditions.
Weather wise, February was very dry with most of California receiving no rain throughout the entire month.
The Snotel station at Independence Lake in the Sierra Nevada Mountains had an estimated 49 inches of snow cover on 5 March, 70% less than at the same time last year and 53% below the historical average. Snowpack in the Sierra Nevada Mountains is one of the most important sources for water irrigation in California.
Water reservoirs in California are currently 3% above their historical average.