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February 12, 2025
Almond and pistachio updates
Almond prices soften on lower international demand.
The 2024 almond crop size looks to be 2.58 billion pounds, a 16% decrease from last season. Average almond prices softened slightly the last week in January on lower demand from India, California’s largest foreign market. India continues to work through lower priced inventories while the cost to purchase U.S. almonds increased on renewed dollar strength against the rupee. With the slight softening in prices, some growers are electing to increase sales rather than wait for higher prices. The Almond Board’s December position report showed year-to-date shipments to both domestic and export markets on par with last season. Declines to India have been offset by increases to the Middle East, including United Arab Emirates, Turkey and Saudi Arabia.
The 2024 pistachio crop size looks to be 1.1 billion pounds, a 36% decrease from last season. Pistachio prices continue to hold flat. While season-to-date exports are down from last year, there are some notable exceptions. As of December, exports on the 2024 crop to Vietnam have doubled to 22.5 million pounds and those to Germany increased 12% to 40 million pounds.
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.
