The Almond Board of California disclosed its June position report on 11th July, indicating that shipments for June reached 206 million pounds, marking a 10.50% increase compared to the previous year and ranking as the third-highest June shipment figure historically. This data met market expectations, with pre-report estimates by market participants ranging from 205-225 million pounds.
"June was another strong month and puts us one step closer to bringing the carryout to under 500 million pounds," remarked a US exporter to Expana. Inventory levels at June's end were reported at 685 million pounds. Projections suggest that if July shipments exceed 190 million pounds, season-ending stocks could fall below 500 million pounds, although the quality of remaining stock is reported to be lower than in previous seasons. It has been indicated that the bulk of the uncommitted stock may not meet the quality standards required for the snacking supply chain.
"Most of what is likely to be left looks good for butter and oil, but not much else," commented a US handler. Furthermore, new crop sales by the end of June surged to 271 million pounds, a 122% increase from the previous year and the highest since June 2021, indicating a robust position for sellers at this season's juncture.
"Sellers are feeling comfortably sold at this point in the season, with plenty of new crop sales on the book. As there isn't much pressure to force sales, I'm not expecting any significant downwards movement in prices for a while," a US trader conveyed to Expana.
Source: mintecglobal.com