The Administrative Committee for Pistachios (ACP) released its shipment report on March 16, 2026, showing continued movement through the sixth month of the 2025/26 crop year. The current season is an on-year, which typically results in higher production volumes. Kernel data is reported on an in-shell-equivalent basis using a conversion ratio of 0.45.
Adjusted kernel inventory in February 2026 was estimated at 108.3 million pounds gross kernel weight, or 240.6 million pounds in-shell equivalent. This represents a decline of 10.5 million pounds or 8.8% compared with February 2025. Inventory remains slightly above February 2024 levels, which stood at 103.3 million pounds. Kernels accounted for 15.9% of normalized adjusted inventory in February 2026, compared with 20.4% in 2025 and 14.4% in 2024.
© Mintec/Expana
Total kernel shipments from September to February reached 63.5 million pounds gross kernel weight, or 141.2 million pounds in-shell equivalent. This is an increase of 12.6% compared with the same period last year and 20.7% above 2024. Compared with the five-year February average of 47.7 million pounds, shipments are higher by 33.1%. Kernels represented 18.9% of total crop year-to-date shipments on an in-shell-equivalent basis, compared with 20.8% in 2025 and 15.0% in 2024.
Estimated marketable kernel inventory at the end of February was 44.8 million pounds gross kernel weight, or 99.5 million pounds in-shell equivalent. This is down 28.2% from February 2025 and 11.7% below February 2024 levels. These figures reflect the ACP classification of inventory available for potential sale and do not account for forward sales commitments. Industry sources indicate that actual availability in the spot market is tighter, as part of the inventory is already committed through contracts.
© Mintec/Expana
Historical patterns show that kernel shipments and inventory levels change throughout the season. In 2023/24, shipments reached 119.7 million pounds by August, while inventory ended at 48.5 million pounds. In 2024/25, shipments reached 123.0 million pounds, with inventory declining to 25.3 million pounds by season end.
In the current season, kernel shipments through February are above previous years at the same stage, while marketable inventory is at the lowest February level in recent seasons. The share of kernel shipments at 18.9% positions the market between prior on-year and off-year levels, with shipment volumes higher and inventory lower compared to recent February positions.
Source: Mintec/Expana
