An apparent tightening supply of light material in California prompted the high half-count kernel premium to low half count kernel to widen the week to Thursday in the global walnut market as the USDA announced revisions to its upcoming purchase that could help California reduce its carry-out.
Month: March 2023
Most assessed prices showed sharp declines in the global almond market the week ending Tuesday on softer demand from most regions.
U.S. kernel prices rose from recent lows in the global walnut market the week to Thursday, buoyed by a shortage of high-quality light material as multiple market sources reported that the recently-announced USDA tender would remove around 57 million lbs of lower-grade shelled product from the market.
Prices for most assessed Nonpareil kernel items firmed in the global almond market the week ending Tuesday though other assessed items moved in mixed directions as a weather-related rally that began last month showed signs of losing momentum.
Chilean inshell prices fell in the global walnut market the week to Thursday as their premiums to U.S.-origin inshell narrowed amid waning trade activity and fewer inquiries.
California walnut shipments declined last month compared to the year-ago period though year-to-date (YTD) shipments remained ahead of last year’s pace, driven mainly by strong exports to the Middle East and North Africa, the U.S. industry’s latest shipment report shows.
A new position report from California delivered what most participants expected: an increase in February shipments and more evidence of a 2022 crop slightly under the USDA’s estimate. But coming on the heels of a reset in thinking about the size of the next crop, the report also bolsters the view that sellers will have less supply to move later this year than anticipated just weeks ago.
A new position report showing higher monthly shipments and a 2022 crop still short of the USDA estimate prompted sellers to raise offers in the global almond market the week ending Tuesday as most assessed prices showed significant gains.
Prices for most U.S.-origin kernel items softened in the global walnut market the week to Thursday amid tepid demand and thin trade as packers largely refrained from offering high half-count items and focus turned to an upcoming USDA tender.
Prices rose in the global almond market the ending Tuesday as questions persisted about how a recent spell of cold, wet weather in California will affect the size of the state’s 2023 crop.