Inshell sales drive big start to new season
Increased inshell sales to China and India have driven new season Australian almond sales to record volumes for the opening month of March.
The Almond Board of Australia’s Position Report data reveals that inshell sales are up 226% on the same time last year and total sales were up 18% on the previous best start to a sales season at 9,366 tonnes (kernel weight equivalent tonnes).
A larger crop and favourable harvest conditions have contributed to greater availability of inshell.
Total sales to India are up 600% on March last year while China has bounced back from a sluggish year with sales up 97% on March 2023.
High quality destinations France, Germany and Netherlands are all up with new season purchases while the lower grade destinations of Turkiye, Spain and US are well down as expected.
Unfortunately global pricing has lost ground on the back of speculation that the 2024 Californian crop will be much bigger than 2023. Panel discussions during the annual International Nut Congress in Vancouver last week noted current pricing levels were undervaluing the product and placing ongoing pain on growers struggling to break even.
The USDA announced on Friday 3 billion pounds as their Subjective Estimate for the 2024 almond crop. Most marketers see this as a neutral number that should have little bearing on market sentiment.
Harvest of the Australian crop is all but complete, with kernel sizing down on last year but volumes significantly up.