“Exceptional growing conditions” for almonds will allow the 2020/21 crop to reach 3 billion pounds this year, which will drop prices to historical lows, according to a new report from RaboResearch Food & Agribusiness.
“Industry information shows that almond prices may have put in a bottom, but given the rate of growth in bearing acreage in California and existing market conditions, prices are likely to remain under pressure during the next few harvest cycles,” the report says.
Walnut shipments for the 2019/20 season were down about 5% year-over-year through July, with 85% of marketable supplies sold, which lags last year’s pace. Export shipments, which accounted for nearly-two-thirds of all shipments, were down 5%.
“U.S. retail vegetable dollar sales have grown by double digits year-over-year every single week since late April,” the report says. Peppers, potatoes, tomatoes, and corn are among the veggies with the highest year-over-year increases.
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Strawberry prices in July “were unseasonably high” due to lower shipments from California, the report says. Prices are returning to more “normal” levels now, “due to temporarily improved volumes, but the current heatwave may impact yields and quality.”
In the second week of August, prices for Valencia 88 oranges were up 58% year-over-year and prices for imported Navel 56s were up 44% and larger-sized lemons were priced over 20% higher, the report says. “Strong citrus demand is expected to continue during the next few months, as consumers look for high-vitamin C fruits.”
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