The October Almond Board Position Report shows continued strong growth in almond shipments and forward commitments. For October, California almond shipments were 3% higher than last year at 228.6 million lbs. This represent the largest single month shipments in the history of the California almond industry. Year-To-date, shipments are 7% ahead of last year. Given a supply that will fall short of 2.0 billion lbs, the pace is unsustainable.
With an additional 200 million lbs of new commitments, the 2013 crop supply is ~50% sold. Firm pricing in markets around the globe reflects this reality.
The small upside on 2013 crop potential above the NASS Estimate of 1.85 billion lbs has more than been absorbed by the early demand.