Nov 18, 2024Almond market update indicates rebound of shipments in October
Blue Diamond Growers released the Nov. 15 almond market update, which noted that almond shipments rebounded in October.
Shipments totaling 258 million pounds, was up 21% from September and 4.5% compared to the same month last year, according to Blue Diamond Growers. The increase was driven by gains in both export and domestic markets, with domestic shipments reaching 67.4 million pounds, their highest level in 31 months.
“Momentum is building after a slow start to the season, with shipments poised to remain strong through the holiday season,” said Laura Gerhard, vice president of Meridian Growers in the update.
Export shipments for October reached 191 million pounds, a slight increase from last year. Notable trends include a 46% year-over-year surge in shipments to the Middle East, driven by demand in the UAE, Turkey and Saudi Arabia, and steady growth in markets preparing for holidays like Diwali and the Chinese New Year. However, shipments to China, Hong Kong, and Vietnam fell 28% year-over-year, reflecting buyer caution ahead of the Chinese New Year in January.
European shipments dropped 4% to 42.1 million pounds as buyers turned to local supplies amid price resistance. Meanwhile, India saw a sharp 39% decline in October shipments compared to last year, attributed to robust Diwali sales that left low inventories in the market.
Industry commitments have climbed to 673.7 million pounds, with export commitments up 13% year-over-year. Uncommitted inventories reached 997 million pounds, 32% higher than last year due to an earlier harvest.
The almond update indicated that this year’s harvest is nearly complete, with crop receipts totaling 1.85 billion pounds. Some industry experts suggest the final crop size may fall short of the projected 2.8 billion pounds.
The complete Blue Diamond Growers update is available to read online.
