ALMONDS MARKET – NEW CROPS

                                                                                 4/07/2017

DEAR   SIRS,

The markets are on hold but the California offer has stopped; The Californians are waiting to resume final negotiations in the presence of the new crop only.

The latest $ 2.30 / 2.40 quotes for fas standards found no interest and weakened sellers that is the reason for postponing additional quotes by most of the Californian exporters.

Spain instead – alike Italy – does not have a courageous marketing policy .They both continues to be on the market with more eye-catching offers every day confirming a downward market, ready to change routes at first consistent demand.

Today, VALENCIA SELECTED is € 5.50 and you could hope for better on firm bid. But even at such levels buyers are reticent.

The Bari market has quoted – after many years – the MASSA (lowest quality alike unselected valencia ungraded) under the 5 euros and we believe it will go down for buyers withdrawn .

It’s the usual downhill market that is afraid of itself.

But we consider the current market level real attractive and we recommend shelling though partial in both European and Californian merchandise.

Good Australian merchandise is not listed since weeks. Already absorbed by its usual Asian customers. We had a great demand on this origin which we satisfied partially only.

The harvests seem to be defined: 1,050,000 tons for California, 85,000 tons in Australia, 60,000 tons in Spain and 13,000 tons in Italy.

For other producing countries like Turkey, Greece, Israel, we estimate some 40,000 tons

Ready to give more information as you need about.