The U.S. Department of Agriculture's annual spring forecast indicates that California's almond production might reach 3 billion pounds this year, marking a 21% increase from the previous year and nearing the record high of approximately 3.1 billion pounds set in 2020.
The USDA attributes the potential increase to improved yield per acre and favorable weather conditions earlier in the spring, which contributed to a successful bloom and pollination season. Despite the potential for a larger crop, the almond market faces challenges due to an oversupply that has persisted for years, exacerbated by international shipping delays during the COVID era.
This surplus has resulted in stockpiles significantly above the usual annual carryover and a decline in market prices since 2014. In 2022, the price per pound of almonds dropped to its lowest in over two decades, impacting growers' ability to cover their operating costs.
Source: farms.com