The past couple of weeks have been quite eventful for the almond industry. Here’s the latest update:
Objective Estimate Surprises the Industry
On 10th July, the USDA released the Objective Estimate for the 2024 almond crop, which came in at 2.8 billion lbs. This figure surprised the industry, as many were expecting an estimate closer to or above May’s Subjective Estimate of 3.0 billion lbs.
Market Reaction and Buyer Behavior
Many buyers had been holding off on purchasing, anticipating that prices would drop based on the higher expected estimates. However, with the Objective Estimate coming in lower, the market moved in the opposite direction, leading to strong demand as buyers scrambled to cover their Q4 requirements.
Implications for Supply
It’s important to note that new crop Carmels are unlikely to arrive in the UK before late December. This delay in supply could impact availability and pricing in the coming months.
What This Means for You
Given the current market conditions and the potential delay in new crop arrivals, we recommend our customers consider securing their almond supplies sooner rather than later. The lower-than-expected Objective Estimate and subsequent market reaction indicate that prices may continue to rise as demand remains strong.
We look forward to your inquiries and are here to provide any further information you may need.