A survey from USDA-NASS forecasted a 3% increase in almond production in 2021 that will go up to 3.2 Billion Pounds compared to last year's record production, Where forecasted yield is expected to reach 2,410 pounds per acre.
However, the ongoing drought in California is making it difficult. The state which accounts for 80% of almonds supply has to replace the crop as it requires plenty of water supplies.
Reportedly, the Almond Board of California will be releasing its monthly industry position report which may have an impact on the current price as the industry is pretty much in a sold stance amidst the high demand acting as a catalyst for the exporter achieving their weekly targets in a single day trading Nonpareil in shell from CIF 1.75 to 2.00 per Lb.
On the other hand as far as Australia is concerned, the 2021 almond harvest is expected to reach 123,000 tones which is a 10% increase from last year and is projected to be a record year for almond production in the country. This expansion in production is the reason for increased plantation in 2016.
This way the deficit from California might be covered by the Australian market in Almond supply. The latter exports to more than 50 countries globally.
This year China is expected to be the biggest market, with no additional heavy tariffs counting on a good term of relationship between both countries. Thus, the overall Almond export market in Australia is expected to be strong.