June Almond Shipments Down

June 10, 2010

A weak Euro and the default of a major European trader have helped to weaken the Almond market.  For the first time in months, Almond shipments were down from year ago levels (from 119.4 million pounds in June 2009 to 91.9 millions pounds in June 2010).  As such, prices have also fallen.  While Standard Sheller Run 5% are now trading below $2.00/lb, growers and processers are not too eager to write long term contracts as most expect prices to move higher once the Euro stabilizes and a better assesment of the size of the 2010 crop is made.  At the moment, due to mild weather, the crop appears to be late causing the Almond Board to move back their June 30th objective estimate to July 8th. China, and how they respond to the current situation, could change things dramatically.  In the meantime, spot prices for close in shipments, are very attractive.