NASS Estimate on Lower Side of Industry Expectations
The NASS Objective Estimate for the 2013 California almond crop was released, July 1, 2013 at 1.85 billion lbs. The projection is 2% below last year’s crop and down 7.5% from May’s subjective forecast. A lighter Nonpareil crop and smaller kernel sizes across all varieties are contributing to the lower projection.
A smaller Nonpareil crop combined with smaller kernel measurements will likely put pressure on pricing across the size spectrum. Although on the lower side of industry expectations, the estimate fits the long-term projections of a flat spot in production growth reflecting the flatter trend in bearing acres.
Concerns about water shortages, compounded by unseasonably hot weather, have tempered optimism for the 2013 crop projections to exceed the estimate.
Look for further updates as the new crop progresses.