US (CA): Walnut prices remain strong

“Harvest will be over by the end of the month,” said Bill Carriere, President of Carriere Family Farms. “We're at the peak right now, with about 75 percent of the harvest done. Currently, we're heavy into Chandlers.” Estimates put this year's crop at 545,000 tons, though Carriere believes production for the season could be slightly less than that due to lower yields caused by water shortages.

Prices have been higher than they were last season, noted Carriere, due to strong demand. As of last week, he reported getting between $5.30 and $5.40 per pound, which is a healthy increase over the prices he saw last year.

“Last year, the market started below five dollars, and then it rose from there,” said Carriere. “But prices started strong this year and held throughout. If everything goes according to plan, growers will be paid better than they were last year.” While demand has grown at a steady pace at home, the export market has kept the state's growers working hard to satisfy an ever-increasing group of consumers wanting walnuts. This is especially true in emerging markets in Asia.

“China was very active in the beginning of the season, but not as active now that they're receiving their crop. Some traders balked at the high prices and went to Eastern Europe, but my feeling is they'll be disappointed with the quality and come back here,” said Carriere. In addition to China, Japan and Korea have been big buyers in Asia. But it's in some of the markets that have yet to be tapped that Carriere sees the most potential.

“Some people are worried about new plantings going in, but I think that people always appreciate value,” explained Carriere. “The Indian market is now open to us, and I think it will be like the Korean market. It started out slow, but people loved walnuts once they tasted them. We'll have a 600,000 ton crop in the future, no problem, and that's a lot of walnuts, but there are also a lot of mouths to feed.”

For more information:

Bill Carriere

+1 530 934 8200