Almond Receipts Strong, October Sees 14.3% Increase

The Almond Board of California (ABC) released its October Position Report on November 12th. Receipts for the month totaled 810.28 million lbs., an increase of 14.3% from last October’s 708.86 million lbs. This brings total receipts for the 2024 crop year to 1.845 billion lbs., up 38.3% from last year's 1.334 billion lbs. Harvest in California has been completed, with smooth and efficient processing, and the crop has been coming in at a faster rate than in 2023.

Expectations for Declining Receipts in November and December

Despite strong October receipts, the industry expects these numbers to slow down in the coming months. It’s anticipated that the 2024 crop will fall short of 2.8 billion lbs., with the final crop size to be confirmed in January. The industry sentiment remains cautious as receipts may drop in November and December.

Almond Shipments Exceed Expectations

Shipments for the month totaled 258.4 million lbs., slightly below the expected 280 million lbs. However, this represents a 4.5% increase from last year’s 247.4 million lbs. October’s shipment total surpassed all previous months of the 2023 crop year and marked the strongest shipment month in 18 months, reaching back to March of the 2022 crop.

Domestic shipments reached 67.44 million lbs., up 18.2% from last year’s 57.05 million lbs., marking the highest level in over two years. Export shipments were strong, reaching 191.00 million lbs., a 0.3% increase over the previous year’s 190.35 million lbs.

Challenges and Opportunities in Key Markets

The Middle East market saw strong shipments, continuing from September. However, exports to India remain down by 39% for the month and 16% for the year, due to reduced activity in this market. This is expected to result in local stocks depleting and a need for India to start purchasing from California.

Shipments to Europe were also down 9% compared to last year. Reports from California suggest that some vessels were delayed from October into November, likely impacting the shipment numbers to Europe. Despite this, local stock positions in Europe remain tight, and further purchases from California are expected.

Summary: A Bullish Report for California Almonds

October’s Position Report continues to show strength in both sales and shipments for California almonds. Despite missing shipment expectations, the month’s numbers were still strong, and pricing has held firm. The market appears healthy, with both domestic and export markets continuing to support California’s pricing strategy.

With almond receipts expected to slow in the coming months, the final size of the 2024 crop remains uncertain until January. For now, the pricing remains positive, and the market should stay firm as buyers and sellers adjust to the current conditions. California almond growers can expect continued strong sales and shipments, with no immediate signs of slowing down as the calendar year closes.





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