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Almonds June 10, 2021

The almond market is not very active. Prices for Bl.St. dropped a couple of cents while prices for new crop remained at the levels around Usd 1,90-1,95. Most farmers and processors in California do not believe that a 3.2 billion crop is possible and estimate it around 3 billion pounds. Although the trees look very good, the drought in California will impact this crop most probably but definitely the 2022 season. Note: please keep in mind the increasing costs of water, trucking, fertilizer etc.!
The May shipment report will be announced shortly but seems to be good again and promising for the Almond industry.
We are looking forward to the objective crop estimate July 12 which will be another direction indicator for the prices most probably.
Also to keep in mind the water problems occurring. When this will become more clear during the 2nd half 2021 this might push prices up as sellers/processors/handlers will take care of carry over stocks.
Our recommendation based on todays information is to be covered.