The 2014 crop will be harvested earlier than any crop in recent memory. Already, in August, 40% more volume was received than in 2013.
The 2014 Nonpareil crop will be significantly less than the NASS Objective Estimate. Statewide, the crop is down 15% or more.
To put the 2014 crop in perspective, pollenizer harvests will need to exceed last year to achieve a total crop of 1.9 billion lbs. The early pollenizer harvest results appear to be better than Nonpareil, but we do not expect it to match last year’s crop. The market reflects this expectation in activity and pricing.
Today, the ABC Position report indicated that August shipments are 4% less than last year and commitments are down 11%. As noted in the August 18 Almond Insights video, we expected this outcome and anticipated the strengthening prices that are now the result.