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December 11, 2024
Tree nut updates
Price increases improve the profitability outlook.
Almond prices rose notably in November. The Almond Board’s October Position Report showed an increase in the pace of shipments to both export and domestic markets, reflecting strong demand, favorable weather conditions during harvest, and quicker processing. Demand from Japan and Korea is reportedly strong, and is expected to increase for India as handlers replace depleted inventories and prepare for the upcoming wedding season. The Almond Board’s 2024 Standing Acreage report showed bearing acreage increased by 1% year over year, but total acreage declined by 2%. Most in the industry expect almond acreage is likely at its peak and will decrease over the next several years.
Year-to-date pistachio shipments are down about 10%, with a decline in exports offsetting a small increase in domestic shipments. Lower shipment volumes are the result of the smaller 2024-25 crop as demand is reportedly strong and exceeding available supply. Crop quality is exceptional and prices are increasing, particularly for kernels.
Profitability
December 11, 2024
Almonds: Slightly unprofitable - Bullish 12-month outlook
Pistachios: Slightly profitable - Neutral 12-month outlook
Almond prices have strengthened and this should continue due to strong domestic and export demand.
The 2024 crop is down from last season and with minimal inventory carry-over and strong demand. Prices should continue to improve and support profitability.
