Most walnut suppliers in California seem to sit in the anteroom at the moment, waiting for the NASS crop estimate to be announced coming Tuesday. The sentiment in the market has remained unchanged during the last couple of weeks, coming Tuesday might be the start of a more transparent market again, with more offers around and a better understanding of prices on both suppliers as buyers side. Regardless of what the final crop estimate will be, it seems clear that the world is in a need for walnuts, rather sooner than later. Demand for first available shipments has been strong, even a high estimate next Tuesday is not expected to change this, as most spot markets relay on new material to arrive. This situation, combined with the uncertainty and longer lead time of sea freight, doesn’t show potential of spot prices for nearby positions. In the meantime are suppliers from Eastern-Europe preparing themselves for the new crop, which is expected to be received in decent quantities during the second half of September. Although this product will arrive sooner than US shipments remains it to be seen if this could bring any relief in California minded markets.
