Prices drifted in the California spot almond market during the week ending May 22 with buyers and sellers appearing to defend their bid and offer positions amid global demand uncertainty and the approach of what is expected to be a record-setting almond harvest in California.
Prices tumbled in the California almond spot market during the week ending May 15 after the U.S. Department of Agriculture (USDA) predicted a record 3-billion pounds of almond production in California this year.
Prices firmed in the California almond spot market during the week ending May 8 even as some market participants expressed concern that potential contract defaults could pull prices back down.
Prices continued to slide in the U.S. spot almond market during the week ending May 1 with packers increasingly motivated to clear inventory ahead of what is expected to be an unusually large California almond harvest, market participants said.
