data on almond harvest to push up prices
Prices were stable between August and the second week of September, after the industry was shocked with the latest USDA official forecast, dropping the estimate to 2.2 billion pounds, very far from the optimistic previous forecasts.
“If this estimate is accurate, prices may increase by at least 30 US cents until October but the industry wanted to maintain a moderate position to secure stable shipments, especially due to the trade conflict with China,” a source told IEG Vu.
“Large players were expecting to await initial deliveries of the new crop to analyse the situation and take decisions. Most growers and packers estimate that the output may reach around 2.3 bln lbs, justifying a 15 cent rise and awaiting next shipments and the conclusion of the harvest,” a third source added.
Finally, Ali Amin of US company Primex International Trading Corporation noted that he is sure that US almond prices will increase by around 15 cents/lb in October, although the trade war between the US and China is still blurring the industry prospects.
“I dare not forecast a pistachio price increase, but yes, for almonds, because an output of 2.3 bln lbs cannot match the current global demand,” Amin concluded