Crunching Numbers on the Latest Walnut Crop Forecast
USDA’s National Agricultural Statistics Service has released the official 2024 California Walnut Industry Objective Measurement Report. The 2024 California walnut production forecast is at 670,000 tons (607,814 MT), down 19% from 2023’s production of 824,000 tons (747,520 MT). The forecast is based on 370,000 bearing acres, down 4% from 2023’s estimated bearing acreage of 385,000 acres.
Using scientific methodologies, USDA field staff counted, measured, weighed, and evaluated thousands of walnuts from major growing regions in July and August for use in a statistical acreage model to establish the annual walnut crop estimate.
In addition to the updated acreage and crop estimate, the California walnut industry is finalizing the close out of the 2023 crop year. While final shipment and inventory figures will be released later this month, preliminary data indicates the 2023 crop is virtually sold out.
“As anticipated, the upcoming 2024 crop is lower than the historic record crop of 2023 and will deliver the high quality that defines California walnuts globally,” says Robert Verloop, Executive Director and CEO of the California Walnut Board and Commission. “The 2024 estimated crop size, while moderate, is similar to the 2019 crop. In addition, due to strong summer demand, we expect the end of season shipment report to show the carry-in volume to be substantially less than last year. Combined, the carry in and new 2024 crop volumes are very manageable, providing improved seller and buyer confidence and stable markets.
For more, continue reading at walnuts.org.
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