The October shipment report on Californian almonds has been released, and at 309m lbs, it is a record for any month-ever!
Demand for brazils is sluggish. While historical pricing comparisons clearly point to the likelihood of firmer prices, there is a fair amount of slow-moving stock that needs to be flushed through before 2021 can trade more recognizably.
Demand, is still not back to where it was, and YTD sales are still around 25% down on the same period last year. Until lock downs are a thing of the past, forecasts are likely to remain unpredictable and volatile and, as with other products in this report, we may need to wait until the early new crop development in the Californian and Turkish spring for the forward sentiment to be reset.
Mark Setterfield – November 2020