LOWER Murray almond producers have benefited from high global demand for almonds following a worsening drought in California.
Almond business Select Harvests’ share price jumped 16 per cent recently after the company reported a record yield of 28,250 megatonnes (MT) and demand growth in all markets.
Growth was particularly marked in India, Europe and China, according to a market report.
Select Harvests chief executive Paul Thompson said record almond shipments and the worsening Californian drought have led to a recent price appreciation.
“Demand for almonds, both in their natural form and as a value-added food ingredient, in products such as plant-based milks and yoghurts, continues to grow,” he said.
This week the US Department of Agriculture downgraded its estimate of this year’s yield, dropping it 12.5 per cent to 2.8 billion pounds.
The revised estimate acknowledged the previous projection in May was too optimistic as a result of California’s drought.
In December 2020 Select Harvests acquired Piangil Almond Orchard, on the lower Murray River, adding to its record yield.
Mr Thomas said harvest was complete and 100 per cent of the 2021 crop has been delivered the the Carina West processing facility.
“With over 60 per cent of the crop processed, we estimate the crop volume, including from the acquisition of the Piangil orchard, to be approximately 28,250 megatonnes (2020 crop volume was 23,250 MT).
“Processing productivity continues to improve, with prior year investments in technology delivering efficiency gains and further enhancing post farm gate quality.”
