Bill Morecraft
Senior Vice President
November 2020 crop receipts came in at 603 million lbs, bringing YTD receipts to 2.414 billion lbs. November receipts on smaller crops give a stronger indication of the final crop. With the 2020 estimated at 3.0 billion, it will take longer to zero in on the final number. The 2020 crop still looks close to 3.0 billion, however its anticipated to be slightly above or below the Objective Estimate.
California handlers continue to ship at a robust pace, with November shipments of 263.2 million exceeding last November by 11.6%. YTD shipments of 1.026 billion are 21.5% ahead of last year, up 181 million lbs after the first four months.
The U.S. is up 31 million lbs and 13%, with nearly half of the increase found in manufactured products. Europe is up over 25 million lbs YTD, an increase of 12%. A favorable exchange rate also tempers the firmer prices for EU buyers. China/Vietnam volume stands at 111.4 million lbs, up 33.7 million lbs and now 30% over last year. This is a welcome sign considering the last few years have been impacted by the trade disputes between the US and China. Strong sales for 11/11, Chinese “Singles’ Day” and the upcoming Chinese New Year are positive indicators for a market that has enormous potential for California…[READ MORE]