The Almond Board released its June 2015 Industry Position Report today. Shipments for the month were 150.78 mil lbs versus 152.82 mil lbs in June 2014. Uncommitted inventory is 210 mil lbs versus 222.7 mil. U.S. shipments were up slightly, 54.3 mil lbs versus 53.3 mil lbs. Exports were down, 96.49 mil vs. 99.47 mil.. China/Hong Kong (+62%.), Middle East (+31%) and India (+9%) continue to be strong. It was a disappointing month for Europe; Spain (-19%) and Germany (-27%) contributed to Western Europe being down 13% (39.35 mil vs. 45.2 mil) compared to June 2014.
The 2015 Crop NASS Objective Estimate was released on July 1 at 1.80 bil, this was lower than what most of the industry expected. The market reacted by prices immediately reaching and exceeding the peak levels we saw in May. Since then, old crop prices have leveled off as sellers attempt to sell the remaining current crop inventory. New crop has seen limited offers as growers demand field prices that the market has yet to support.
A lot of talk has been made of the recent events in Greece and its effect of the Euro as well as the weak Chinese Stock market. It is too early to tell what effect it will have on the almond market, if at all. What we do know is that we expect prices, especially on new crop, to remain firm for the near future as harvest begins this month and growers continue to demand high prices.