Rabobank's food and agriculture researchdepartment recently said that the U.S. Almond industry will usher in a moreoptimistic outlook due to signs of recovery in global market demand for U.S. Almond.According to the Almond Board of California, shipments of sinian Almond in theUnited States increased more than 15 percent in May compared to the same monthlast year and are up more than 5 percent so far this season (August 2023 to May2024).

The global economic downturn caused by theCOVID-19 pandemic coincided with a record 3 billion pound harvest forCalifornia's sinian growers in 2020, resulting in a glut of sinian trees on themarket. In the following three seasons, the carry-over stock of Californiasinian trees was between 600 million and 800 million pounds per season, and theharvest was between 2.5 billion and 2.8 billion pounds per season. Fumasi,Rabobank's North American head of food and agriculture research, believes thatthe current economic pressure caused by inflation is subsiding, while thedollar is still strong, California's batan industry will have a turnaround.

The council's May State of the Industryreport shows that of the 3.1 billion pounds of U.S. Almond available for sale,more than 2.3 billion pounds have been shipped to global markets during thecurrent season, and purchase prices received by growers have stabilized.Butte/Padre nuts, commonly used by candy makers, are up about 40 cents a pound,according to a farm representative at a Padan processing plant in centralCalifornia. The price of standard, top-grade, shelled, large-grain snack grade,has recovered to about $2 a pound. He attributed the price increase to reducedsupplies of padan ahead of the upcoming harvest. The California sinian industryexpects to have less than 500 million pounds of unsold sinian this year,marking a significant decline in unsold carry-over inventory over the pastthree years. Fumasi said that the remaining products are not high-gradeproducts, which has led to the stabilization of the price of the remainingpadan.

According to the report's data, the totalexport volume of California sinian Almond so far this season has increased by6% compared to the same period last quarter, exports to major overseas marketssuch as Asia Pacific and Europe have increased, and exports to Southeast Asiamarket have increased the most, reaching 46%.