The latest data from USDA’s Economic Research Service’s “Fruit and Tree Nut Outlook” provides a snapshot of production and prices, with tree nuts producing record-high supplies in 2020/21 and a spike in orange juice sales as COVID-19 hit the U.S.
“Exceptional growing conditions” for almonds will allow the 2020/21 crop to reach 3 billion pounds this year, which will drop prices to historical lows, according to a new report from RaboResearch Food & Agribusiness.
Rapidly rising almond production coupled with trade wars and COVID-19 impacts have cut prices for farmers nearly in half over the past year and they won’t likely fully recover for at least a couple of seasons, says Roland Fumasi, a senior analyst for Rabobank.
The “phase one” trade deal with China is paying off substantially for commodities like soybeans, corn, wheat and sorghum, but it’s hit or miss for specialty crop farmers, many of whom are still trying to find replacement markets.
USDA’s National Agricultural Statistics Service 2020 California Almond Subjective Forecast estimates California almond orchards will produce 3.0 billion pounds of nuts this year, up 17.6% from last year’s 2.55 billion-pound crop.
Farmers across the Corn Belt and northern Plains along with producers in California, western Texas, and the lower Mississippi River Valley have been the biggest beneficiaries of the Trump administration’s Market Facilitation Program over the past year, according to data obtained by Agri-Pulse.