2024 International Nut Conference was held in Vancouver, BC, Canada, last May. At that time, the industry was highly optimistic about the 2024 crop across nearly all producing countries. However, in less than four months, that optimism has significantly waned, especially in European producing regions.

Turkey is once again grappling with stink bug damage, which affects the nuts while they are still in the field. Although damaged kernels can be sorted out, much of the damage results in low-quality nuts that ultimately have to be discarded. Initial estimates for Turkey's production, which were originally forecasted at 785,000 metric tons, are now expected to be closer to 650,000 to 700,000 metric tons, according to multiple reports. Furthermore, early deliveries show a higher proportion of 11mm and smaller nuts, with fewer 14mm and larger nuts. Consequently, we anticipate a wider pricing variance between different sizes from Turkey compared to previous years. In Italy and France, poor nut set appears to be the most significant issue, potentially leading to crop yields that are approximately 25% lower than normal. Given these challenging harvest conditions, we believe the global crop will likely fall short of expectations by 150,000 to 200,000 metric tons compared to the numbers listed below. With such a low supply base, there will be significant strain on available resources, likely resulting in increased competition among buyers for the highest quality nuts on the market. It’s important to plan accordingly.