Nov 20, 2023Tree nut prices fall to lowest levels in decades
In a recently released report, the USDA, Economic Research Service detailed that tree nut prices fell to the lowest levels since the turn of the century.
Pricing and bearing acreage
Real prices for almonds were $1.10 per pound, hazelnuts came in at $0.51 per pound and according to the USDA walnuts are around $0.25 per pound. This is an all-time low. The USDA, Economic Research Service noted that in 1999, the lowest real walnut price recorded was $0.58 per pound. Then in 2022, the prices “less than half of the previous record low” and only an 14% of the 2013 high, which was $1.82 per pound.
Walnut producers have been impacted by the low prices. USDA’s National Agricultural Statistics Service forecasted that 2023 would see a decline in the walnut-bearing acreage, the first of such a decline since 1999.
California, the nation’s leading walnut producer, experienced a 400,000 decline in walnut-bearing acres in 2022 and an estimated 375,000 acres as of October 2023.
According to USDA, Economic Research Service, almonds and hazelnut bearing acreage has not been reduced.
There are many things that influence a growers decision to reduce acreage, such as when making decisions on reducing acreage, including exports, weather, pricing and other factors.
The chart is from USDA, Economic Research Service that was included in its Fruit and USDA, Economic Research Service, released September 2023.