July Almond Shipments Put US Ending Stocks at Second Largest on Record

August 18, 2023

2 mins read

The July position report, released on 11th August by the Almond Board of California, showed July shipments totalled 187 million pounds, up 10% y-o-y and the second-highest July shipment figure on record.

This figure was in line with industry expectations, with market participants surveyed by Mintec prior to the release estimating a range of 170-200 million pounds, with most market participants returning figures of 175-190 million pounds.

“The release had already been priced into the market; despite the good shipment figure, it hasn’t been enough to put a major dent in ending stocks, so nothing much has changed,” a European broker stated.

July almond shipments 2023

The shipment figure placed 2022/23 ending stocks at 792 million pounds, a drawdown of only 45 million pounds from the start of the season. Combined with a USDA Objective Almond Measurement of 2.60 billion pounds, this would place the total supply for the 2023/24 season at over 3 billion pounds and in line with the total supply in 2022/23.

“This is the fourth season with supply over 3 billion pounds and is going to be another year of losses. I don’t know how much longer we can keep losing money like this. I think a lot of people will be going out of business this year unless production comes in well below the USDA estimate,” a US handler said to Mintec.

July 2023 production scenarios

Sales for the 2023/24 season clocked in at 205 million pounds, the lowest on record since the almond board began reporting these figures. The low figure failed to surprise , with market participants reporting they were focused on clearing old crop from stores and noted a general lack of buying interest over the summer period.

July 2023 new season sales

To stay up to date on developments in the almond markets, subscribe to the Mintec Weekly Almond Report by emailing Nuts@Mintecglobal.com. The report, which is released each Thursday, provides in-depth information on pricing and market dynamics.

Aidan Wright
Aidan Wright

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