Almond Prices Set to Soar: California and Australia See Increased Bookings, Driving Up Almond Kernel Prices
Almond Booking Surge Fuels Price Hike
The almond market is experiencing a notable price increase due to rising bookings in California and Australia. This trend, combined with a reduction in the domestic crop, has pushed the booking rates higher. As a result, almond kernel prices have surged by approximately $0,36 USD, and experts predict an additional rise of around $0,60-0,66 USD per kg in the near future.Global Market Dynamics Impacting Prices
Almond production, primarily in California and Australia, is being affected by unfavorable weather conditions. California, in particular, has reported crop reductions due to these factors. Earlier, the almond market had been in decline due to old stockpiles, leading some major importers to hold back their goods, causing prices to drop as low as $180 per pound. However, prices have since rebounded to $205 per pound, prompting importers to release stock at Indian ports.Domestic Almond Prices Reflect Global Trends
In the domestic market, the price difference between Independent Kernel and California Kernel has narrowed.- Independent Kernel now priced at $7,20-7,26 USD per kg.
- California Almond Kernels have increased from approximately $7,80-7,86 USD per kg in the same period.
- Before Rakshabandhan, prices were stable at $7,5 USD per kg, but they have seen a sharp rise since then.