Net U.S. almond shipments were an April record at almost 250.0 million pounds, inshell equivalent, up 38 percent YOY but down about 6 percent from March. Including shipments, the industry sold position was over 84 percent sold on total supply at the begging of May, up slightly vs. a year ago.
Drought concerns have picked up in California, making the cost of production unviable for some almond growers. USDA’s subjective estimate for 2021/22 production was a record at 3.2 billion pounds, up 1 million pounds YOY.
It is uncommon to see record almond crops back-to-back as USDA projects, so many are taking the subjective estimate with a grain of salt, sighting the higher probability of lower yields in 2021/22 and the rising number of old tree removals.
For walnuts, net April shipments were a record at 62,361 tons, inshell equivalent, up 39 percent YOY but down 19 percent from March. In its first-ever position report, the California Walnut Board pegged the total industry sold position including shipments at nearly 92 percent of total supply as of May 1.
Net monthly U.S. almond shipments by season
Source: Almond Board of California
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