Market participants surveyed by Mintec in the last week of May were expecting lacklustre shipments and new sales ahead of the May position report, which is due for release on 9th June. Estimates for May almond shipments were reported in the range of 180-205 million pounds, with most market participants returning figures of 190-200 million pounds.
“People were relying on INC to drive May sales, that hasn’t happened and as a result I would say it is unlikely that we will break 200 million pounds,” a US exporter said to Mintec.
Market participants suggest that this trajectory would put 2022/23 ending stocks around the 750 million pound mark. Based off the April position report inventory levels, this would require an average shipment level of 201 million pounds per month over the next three months (May-July).
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.