Almonds

Almonds

The Almond Board of California has published the November 2024 position report. With 271 million pounds shipped, the industry has achieved a +14% increase compared to last year. This marks the first monthly historic record in nearly a year.

Monthly sales, at 209 million pounds, look solid and are likely to support strong December shipments as well.

Market key figures:

▸Total shipments: +14% (YTD: 0%)
▸Domestic: -10% (YTD: -1%)
▸Europe: +75% (YTD: 0%)
▸India: -47% (YTD: -23%)
▸China/HK/V: -28% (YTD: -22%)
▸Middle East/N-Africa: +39% (YTD: +24%)

The market has been driven primarily by Europe and the Middle East/Africa, while two of the largest markets, India and Domestic, lag significantly behind. It is expected that uncovered markets will attempt to catch up, while others may slow down during the holiday season.

A monthly record is traditionally considered all but bearish, but what these mixed regional situations mean for the overall market remains to be seen.