Oops, I just noticed I didn't comment on the April position report.
The April and May position reports both resulted in significant drops in exported shipments. So we have gone from looking like finishing the crop year with a lower than forecast carryout of 600m pounds to somewhere around the mid point of the carryin, which was 837m pounds, and forecasted carryout of 600m pounds.
My speculation is that the exports significantly dropped due to a depletion of quality stock on the Californian side and the commencement of 2023 crop shipments from Australia. If correct, that would imply that the US mostly has industrial grade quality almonds left in inventory. If so that could see continued upward pressure on the premium sized/quality almonds.
USA Report, page-215
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