| The global almond market remains firm, supported by limited supply growth, higher production costs, and strong demand from major importing regions. Both California and Australia continue to shape a seller-friendly environment. |
| In California, growers face rising irrigation, labor, and crop protection costs, contributing to firmer pricing. The long-term concerns about water availability are prompting some growers to consider shifting acreage to other crops. |
| The Australian 2026 crop is estimated at 166,892 MT, a 7% increase year-on-year. Despite higher volume, the harvest was challenging, leading to a slow start to the selling season. |
| Strong demand from Asia, especially China, continues to support price stability. |
| Demand remains steady but cautious, with expectations of continued firmness. The market is projected to stay stable to slightly upward-trending in the second half of 2026, driven by: |
| · California’s final crop results |
| · Australian shipment pace |
| · Strong Asian and European demand |
| · Persistently high production and logistics costs |
| With limited downside risk and ongoing supply constraints, pricing is expected to remain firm. |
