Jan 17, 2024Blue Diamond Almonds releases December Position Report
On Jan. 16, 2024 Blue Diamond Almonds released its latest almond market update. This December Position Report showed strong shipments for the current crop year, reaching 229 million pounds.
The data suggests that December 2023 was the second-highest December on record for shipments. Although there is a 4% decrease from the previous month, that report indicated an 11% increase compared to last year.
Export shipments, accounting for 173 million pounds and experiencing a 12% rise from the previous year, played a significant role. Domestic shipments also increased by 8% to 57 million pounds. Year-to-date total shipments maintained a healthy lead, extending to 9.9% over the previous season, according to the Blue Diamond Almonds market update.
SHIPMENT SUMMARY
The Blue Diamond Almonds market update noted that in India, December shipments were 38.6 million pounds, marking a 16% year-over-year (YOY) increase. Year-to-date (YTD) shipments are strong, outpacing last season by 28%. China/Hong Kong/Vietnam received 13 million pounds, with Vietnam showing a 120% increase. Europe experienced a 4% YOY rise in December, contributing to a 9% increase YTD. Middle East faced a 11% decline in December but is up 7% for the season, with challenges in the Red Sea affecting transit. Domestic market saw a strong December with 56 million pounds, up 8% for the month, but concerns persist about lagging commitments, according to the update.
COMMITMENTS
“Total commitments stand at 637 million pounds, an 11% decrease compared to last year. New sales for the month registered 219 million pounds, down 7% on last year,” the December Position Report stated. Also the updated noted that new sales exceed last year’s pace by 8% overall, which was driven by export volume.
“Given the sustained shipment and new sales growth coupled with expectations of a smaller crop, many in the industry are eyeing a carryout below 600 million pounds,” the report indicated.
The full Blue Diamond Almonds market update is available online.
