Almonds -The Californian new crop “Objective Estimate” has been released, at a surprisingly low 2.2b lbs.
This figure has shocked the industry as many had hoped, expected and t raded on the basis that this latest figure would be at the same level or even higher, than the 2.5b lb Subjective estimate in May.
From California, new crop is developing well, with an expectation of 275,000 short tons likely to put pressure on the RBA to lower their new season field price from the $2150 per ton negotiated for the 2018-19 season stocks
Since our last report, prices h ave been stable with good levels of stocks in the various countries of destination servicing the spot and nearby enquiries, set against the backdrop of larger industrial and retail buyers being largely covered up to end 2019.
Mark Setterfield – July 2019