Bill Morecraft, General Manager for Blue Diamonds Global Ingredients Division, provides the October Blue Diamond Almonds Industry Update.
Production is down from last year, with current harvest expectations of 1.75 billion pounds. Including carry-over stocks, 2015 supply is expected at just under 2.1 billion pounds, down 5% from last year. Shipments are down from last year, but commitments are up and expected to increase rapidly with brisk early October business.
U.S. demand is strong, but exports have dipped significantly. Prices have come off summer highs but have begun a steady rebound and will likely to continue to firm for Nonpareil and any CPO 32/34 and larger.
El Nino is unlikely to provide any significant rains during October or November, prolonging the debate over 2016 crop potential.
