The position report released last Thursday continues to show strong sales momentum. May shipments were very strong at 217 million pounds with only 469 million pounds left to sell from the current crop. New crop will not be ready for shipment until end of September or beginning of October, so if current pace keeps up there will be no carry out. Along with strong shipments, commitments for the new crop were released and are almost 1 billion pounds.
Offers in the market will be higher this week, depending on the grade, it will likely be 5-10c a pound higher than last week. STDs should be $3.05. Large nonpareils will be up the most, likely over $3.50 a pound.
Question is how willing buyers are to book. Sellers can afford to be patient for now, buyers who have been waiting for 3 months to add coverage on a pull back; not so much.
Looking forward, harvest is the main focus. Good weather and better than expected yields might be able to get standards below $3/lb again before year end. While any rain while nuts are on the ground or indication the crop is less than 2.7 billion pounds could see them continue their ascent.
Please reach out with any questions or to get more granular details by variety.
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