Blue Diamond says demand, crop size down

Laura Gerhard, vice president of Blue Diamond's Global Ingredients Division, said in the company’s latest market report that it shipped more than 229 million pounds of almonds in the last month of 2023, which is the second-highest December on record, according to the company.

Gerhart said the company’s shipments were down 4% from November but still an 11% increase from the 2022 season.

Exports for the current crop year are 173 million pounds, which Gerhard said is a 12% increase from 2022. Domestic shipments also increased, she said, by 8% to 57 million pounds.

“Demand continues to be a concern for the largest market as commitments continue to lag month after month, now down 16% to last year. Buyers continue to evaluate their evolving demand and remain booking short-term positions,” she said in a news release.

Gerhart said Blue Diamond’s crop receipts for the year trail 2022 by 6% and the estimated crop this season is around 2.45 billion pounds. She said the forecast for rejects is around 3% or 4% of the crop, which would put the total supply for the 2023 crop at around 3.15 billion pounds. She said that figure is down 7% compared with the 2022 season.

“With most of the crop delivered, crop receipts are aligning with market expectations for a crop closer to 2.45 billion pounds,” Gerhart said in the release. “Year-to-date shipments sustained their strong pace compared to last season, driven by export demand. The industry must sustain this trajectory to reduce the carryout to more manageable levels. Prices continue to firm as demand remains active, setting the stage for continued strong shipments for the coming months.”