March Inshell Shipments Surge

In March 2024, Walnut inshell shipments witnessed a significant increase, reaching +36.446 million lbs., compared to 22.042 million lbs. in March 2023, marking a notable rise of 39.6%. For the 2023/24 crop season, inshell shipments recorded a substantial uptick of 27.3% compared to the previous season.

March Kernel Shipments Rise

March also saw Walnut kernel shipments on the rise, totaling 63.336 million lbs., compared to 58.82 million lbs. in March 2023, reflecting a growth of 7.2%. Kernel shipments for the 2023/24 season showed a commendable increase of 16.4% compared to the previous season.

Crop Receipts Surpass Estimates

The final crop receipts for the 2023 crop stood at 820,966 tons, surpassing the NASS estimate of 760,000 tons by 7.5%.

Key Markets Performance in March 2024 vs. 2023

• Türkiye: Inshell shipments increased by 72.10%
• UAE: Inshell shipments declined by -20.51%
• India: Inshell shipments increased by 56.54%
• Germany: Kernel shipments surged by 44.11%
• Middle East/Africa: Inshell shipments rose by 59.08%
• Europe: Kernel shipments climbed by 32.15%

Market Summary

March proved to be a robust shipment month for California Walnut Suppliers, with notable increases observed in inshell shipments to various key markets. The Middle East/Africa region saw a significant rise of nearly 59.08% in inshell walnut shipments, driven by increased demand from Algeria, Lebanon, Morocco, and Türkiye. Despite low prices throughout the crop season, inshell walnut prices are expected to gradually climb as inventory decreases, with buyers seeking California walnuts as a cost-effective alternative to other sources.

Kernel shipments also witnessed an excellent performance, with countries like Germany, Netherlands, Spain, Japan, and Korea recording significant increases. Pricing for high half count items saw an uptick, while items with more pieces than halves remained stable due to large remaining pieces inventory. Immediate booking is recommended for those in need of 80% Halves.

Source: Summit Almonds