The Administrative Committee for Pistachios released its February 16, 2026, shipment report, covering the fifth month of the 2025/26 crop year. Pistachios follow an alternate bearing cycle, and 2025/26 represents an on-year with higher production volumes.
Kernel data through January 2026 show volumes positioned between last year's off-year levels and the prior on-year baseline. For analysis, kernel values are presented in reported kernel weights and converted to in-shell equivalent using a 0.45 ratio.
© Mintec/Expana
Adjusted kernel inventory in January 2026 was estimated at 101.2 million pounds gross kernel weight, equivalent to 224.8 million pounds inshell basis. This represents a decline of 15.0 million pounds or 13.0 per cent compared with January 2025 levels of 116.3 million pounds. Current holdings are above January 2024 levels of 55.0 million pounds, an increase of 46.1 million pounds.
On an in-shell-equivalent basis, kernels accounted for 14.8 percent of total adjusted inventory in January 2026, compared with 20.0 per cent in January 2025 and 7.9 per cent in January 2024.
Total kernel shipments from September to January reached 53.2 million pounds gross kernel weight, equivalent to 118.2 million pounds inshell basis. This compares with 47.2 million pounds in the same period last year and 43.3 million pounds in January 2024. Against a five-year January average of 39.5 million pounds, current season shipments are higher by 13.7 million pounds or 34.7 per cent.
Kernels represented 18.5 per cent of total year-to-date shipments on an in-shell-equivalent basis, compared with 20.1 per cent in January 2025 and 14.4 per cent in January 2024.
© Mintec/Expana
Estimated marketable kernel inventory at the end of January stood at 48.0 million pounds gross kernel weight, or 106.6 million pounds in-shell equivalent. This compares with 69.1 million pounds in January 2025 and 11.7 million pounds in January 2024. These figures reflect the ACP classification of marketable inventory and do not account for forward sales commitments. Industry sources indicate that actual spot availability is tighter than reported marketable inventory suggests.
Historical comparisons show that in the 2023/24 on-year, kernel shipments reached 43.3 million pounds by January and 119.7 million pounds by August. In 2024/25, shipments reached 47.2 million pounds in January and 123.0 million pounds by season end.
For 2025/26, shipments of 53.2 million pounds through January place the season ahead of both prior years at the same point in absolute terms, with marketable inventory positioned between earlier cycle levels.
Source: Mintec/Expana
