|YTD Inventory / Shipment Report
Marketing Comments Month 10 Crop 20131) Export shipments for months 9 and 10 continued to be high relative to the past couple of years and relative to the dwindling inventory.
2) As the inventory was falling prices rose appreciably, especially for the run-of-the-mill round 30/32. In dollar terms farmer prices reached their highest recorded level, although appreciating Iranian Rial cut into farmer profits.
3) For the first time Far-East buyers have been paying up to $10/kg to quality shippers for the round 30/32.
4) Uncertainty about the effect of extreme weather and drought conditions on the 2014 US crop led to a buying spree for the alternative Iranian product. More so, the expected bumper Iranian pistachio crop provides an incentive for some buyers to start shifting back to Iranian pistachios.
5) In spite of the falling Euro, some Iranian exporters risked shipping uncommitted goods to European ports in the expectation of demand for spot deals, if new crop shipments from the US are delayed.
6) There was some extra demand from CIS countries, where the Russian ban on food imports from the EU and US is helping Iranian food exports across-the-board, in addition to helping ease US pistachios out of these markets.
7) Demand from the Arab Middle-East continued to grow on the back of high expenditure by the Southern Gulf States, competing for regional influence.
8) At the end of month 10, inventory stands at an all-time-low compared to the same month in previous years. With the 2014 Iranian crop expected to be somewhat late, Iranian exporters would face a very tight situation, and would have to take some losses, if they have any prior commitments for the next two months.
|Crop Month: 10||Crop Year: 2013|
|Carry in from previous year||16,000|
|Total Crop Estimate||170,000|
|Adjustment/ losses, Domestic||15,000|
|Adjustment/ losses, Export||17,700|