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California Water Market Report for June 26, 2024

Spot Prices Rise in First Week of Summer The latest spot market surface water transfers were completed for $440/AF-$550/AF. The high end of the range is the highest price observed year to date for a surface water spot market transfer. The most recent market participants are primarily agricultural water districts in California's San Joaquin Valley. Buyers have limited access to groundwater and are dependent upon unreliable imported water supplies to meet demands. Transfer supplies included Central Valley Project (CVP) and State Water Project (SWP) sources from sellers with access to other more reliable water rights. Spot market prices in June 2024 have ranged from $375/AF to $550/AF and have averaged $438/AF. This price range is consistent with average hydrologic conditions in California. In June 2023 under wet conditions, prices ranged from $15/AF to $50/AF, while in June 2022 under critical conditions, prices ranged from $850/AF to $1,750/AF. California spot market prices are volatile year over year and range widely depending on annual hydrologic conditions.  CVP increases SOD ag allocation to 50%. This week, Reclamation announced a 10% increase in the allocation to SOD ag contractors, the first increase since late April. After the previous allocation announcement, market participants suspected that allocations would likely remain relatively low and planned for minimal further increases. At this point, spot market prices began to rise and have increased consistently through June. Keep up with the latest updates on California's water market by subscribing to our weekly report at waterexchange.com/ca-water-index #CaliforniaWater #CAWater #WaterMarket #CAWaterMarketReport #WestWaterResearch #WeKnowTheValueOfWater #NQH2O