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- Select Harvest (SHV) is remaining positive in its almond crop outlook despite the impact of the recent flooding in NSW on its harvesting schedule
- To-date, the almond producer has harvested 50 per cent of its crop, which it is expecting to complete harvest in the next few weeks
- Fortunately, the open shell nonpareil variety harvest has been completed with little disruption, the product that has been affected by the floods is the later harvested closed-shell pollinator varieties
- However, the company is not anticipating any volume impact from the rain and will maintain its original forecast
- On market close, Select Harvest is up 2 per cent and is trading at $6.11 per share
Almond producer Select Harvest (SHV) is remaining positive in its almond crop outlook despite the impact of the recent flooding in NSW on its harvesting schedule.
To-date, the almond producer has harvested 50 per cent of its crop. Luckily, Victoria and South Australia have experienced favourable weather, but the NSW harvest has been distributed by the recent rain storm.
Fortunately, the open shell nonpareil variety harvest has been completed with little disruption. The product that has been affected is the later harvested closed-shell pollinator varieties.
Select Harvest is expecting to complete the harvest in the next few weeks, subject to weather conditions.
Notably, the company is not anticipating any volume impact from the rain and is maintaining its original forecast of over 27,700MT.
50 per cent of the estimated crop has been delivered to the Carina West processing facility and over 10 per cent of the delivered crop has been processed.
Select Harvest currently has orders for 20 per cent of its forecast crop at $6.60 per kilogram. However, this does not reflect the total pool price.
Market conditions
According to the company, the U.S. industry has seen extremely dry conditions and an uninterrupted pollination period. Industry expectations are that crop will be lower compared to last year.
In February, the Almond Board of California Position Report posted crop receipts at 3.1 billion pounds, up 22 per cent on last year and year-to-date shipments are also up 16.2 per cent.
In the January, Almond Board of Australia Position Report posted that year-on-year exports were down 1.6 per cent and 9 per cent up for the same month last year.
Notably, both Australian and U.S. processors are experiencing shipping delays due to container shortages and COVID-19 lockdowns.
“Despite these challenges, underlying demand remains strong and we are confident consumption will continue to grow as distribution channels return to normal,” the company said.
On market close, Select Harvest is up 2 per cent and is trading at $6.11 per share.
