USDA May Cold Storage Figures Continue to Lag Behind 2022 Levels

June 23, 2023

Today’s release by USDA NASS of the May Cold Storage Holdings continues to show a significantly lower inventory.  Based on current consumption, the industry could carry out well below 120 million pounds come September 30.  Even with the Tri-State Grower estimate of a 322 million pound 2023 crop, supplies will remain tight well into the fall.

A much shorter South African pecan crop (now projected to be well below 24,000 MT), as well as a severe shortage of pieces, has caused inshell prices to move up dramatically as processors search for additional product to handle good consumption.  While early imports had lagged far behind levels of the same period a year ago, as of June 20, 2023, Mexican exports to the US had risen to 215.2 million pounds as compared to 217.9 million pounds at the same time last year.