December Market Report
The most recent report from the Almond Board of California reported the widely anticipated bumper crop. With the California harvest now finished, experts are expecting crop to be up on last year. However, shipments are also up with most recent estimates showing a near 7% increase on last year. Shipping activity in the Middle East is also high, in advance of Ramadan in spring 2020. As such, prices have climbed, despite the high crop reporting. Prices look as if they will remain at this level for the short term.
Cranberry crops in North America, have been poor this year and it looks as though early estimates over shot by around 25%. Poor growing conditions have also impacted the size of the fruit with much being smaller than standard. However, on a positive note, crop quality is high and on the back of this we have already seen prices begin to rise which is expected to continue for the near future.
Butter prices have been steady recently and there seems to be a disparity between what people are willing to pay and what they are willing to sell at, which has led to a decrease in spot buying. Currency did help see prices reduce a little though at the end of October, but this has levelled out now.
Skimmed Milk Powder
The price of skimmed milk powder has continued to increase throughout October into November and is now at the highest level we have seen in five years. This increase in price is expected to continue and is driven, in part, by the fact that European milk production is steady, even though demand for milk powders has been healthy.
Demand for walnuts is up on last year with many shippers being ahead of last year’s position. This, coupled with the fact that many thought the crop this year was smaller than expected, could well mean we see prices likely to rise if demand remains at the current level.
Stewart Humphrey, Purchasing Director
*Information correct as of 15/11/19