August 2024 Position Report
The August Position Report was released on September 12th and gives the industry our first look at 2024 crop deliveries. Receipts for August totaled 290.1 million pounds, which is over four times the amount received to date last season. This isn’t a reflection of crop size; it simply shows that the harvest is much earlier than last year. Based on the deliveries we are seeing at Harris Woolf and the reports from other handlers, the crop is coming in lighter than expected. At this time, it’s looking like the total crop size will be smaller than the 2.8 billion pound estimate.
Total shipments for the month were 168.3 million pounds, a decrease of 20.6% compared to last year. Export shipments came to 106.2 million pounds, which is down 29.5% from last year. Domestic shipments landed at 62.1 million pounds, a slight increase from last year. While these shipping numbers seem low compared to the higher volume months we experienced last year, it is likely the result of a lower carryout and lack of available product to ship from the remaining 2023 crop.
New sales for the month were 159.4 million pounds compared to 256.1 million pounds sold at this time last year. The industry’s overall sold position is right at 24% compared to a 26% sold position last year.
Prices have experienced a solid rise over the last couple of weeks as the early crop reports make their way around the industry. Crop yields have been lower than expected based on stockyard deliveries, and crop quality is looking much better than last year. In addition, buyers currently have low inventory levels in their warehouses. It has been a few years since California has had this kind of momentum on our side. In order to maintain this positive trend, we as an industry need to continue selling and shipping almonds at a steady pace. When trade volume wanes, we typically see prices slip back down. If you are an HWA call pool grower, continue to work with your Grower Rep to establish a sales plan for the season.
Harris Woolf will be holding our first Lunch & Learn meetings for the 2024 crop during the last week in October. This is a great opportunity to hear the latest industry updates from our entire team at Harris Woolf. We also appreciate having an open dialogue with our growers to hear about the opportunities and challenges you see on the farm. As always, your grower friends and neighbors are welcome even if they don’t currently process with HWA.