Walnut production in California is slightly more than that of the previous season. But because exports to China are down, prices have been much lower than those of last year.
“Prices are way down from last year,” said Raj Kumar Sharma of Sunrise Orchards. “They were around two dollars per pound, and now they're a little better than one dollar a pound.” China has been a big destination for walnut exports, but duties levied on shipments have cut down on the amount of product sent this season. Without as much buying from China, prices have suffered.
“There's no demand from China now,” said Sharma. “China used to be a top market, but now we have to go more to Turkey and the Middle East.” Harvesting is winding down, and it looks like this year's crop will be close to the 575,000 tons projected in the objective measurement report released in September. If that is the case, then it would represent a one percent increase from the previous crop.
“The season has been good and everything has been normal,” said Sharma. “But the price is the issue. Buyers are wanting to get cheap product and sellers are holding on to what they have in hopes of better prices, so the situation is kind of at a standstill.”
