California Almond Industry Update
January 10, 2015
The California almond industry shipped 148 million pounds in December. With the 2014 crop down double-digits to last year, the 6% decline surprised the industry on the upside. The shipments would have been even stronger if not for containers held up in West Coast ports due to union inactivity. The foundation for strong December shipments was steady, supported by North America and recovering China demand. China reversed its declines to grow shipments by more than 130% in support of Chinese New Year, February 19.
The 2014 crop still projects to finish between 1.825 and 1.840 billion pounds. With receipts already at 1.805 billion this will be the fastest California has harvested and received a crop.
After the pricing peak of early October, there has been price stability which builds market confidence and demand. Even with continued West Coast port slow downs, we project strong January shipments. The uncertainty of bloom drives prices higher in late December through early February.