Receipts and Shipments

The Almond Board of California's recent release of the "March Position Report" offers valuable insights into the almond industry's performance. March receipts surged to 27.89 million pounds, reflecting a substantial 56% increase compared to last year. Shipments for the same period totaled 237.04 million pounds, exceeding industry expectations of 220 million pounds. Although shipments were down 15.7% from the previous year's record, the figures remain robust.

Domestic and Export Markets

Domestic shipments reached 62.45 million pounds, showing a marginal decline of 6.0% from the previous year. Despite this, domestic shipments have maintained consistency throughout the crop year. Export shipments, however, experienced a notable decrease of 18.7%, marking the first month of decline across major export markets. Despite this decline, exports remain up by 3.44% for the year.

Sales and Commitments

Total sales for March reached 181.67 million pounds, surpassing last year's figures by 26.5%. While commitments for the 2023 crop year decreased by 11.08%, uncommitted inventory decreased by 12.11%. With a smaller crop projected for 2023, available inventory is expected to decline further in the coming months.

Industry Outlook

Despite concerns about a significant drop in shipments, the almond industry outperformed expectations in March. Better-than-expected shipment numbers, coupled with average sales, are anticipated to provide support to current market prices. As the industry transitions to the 2023 crop, attention will now turn to early crop estimates, particularly the upcoming "Nursery Report" from TNT, which is expected to influence pricing dynamics in the coming weeks.

Overall, while challenges persist, the almond industry remains resilient, adapting to market fluctuations and poised for continued growth in the months ahead.