Select Harvests 2020 crop and market update

Posted by Media Release Agency on 18th March 2020

Select Harvests’ Managing Director, Paul Thompson, is pleased to announce the following update on current market conditions and the 2020 crop.

Market Conditions

The Australian January Export shipment report has been released by the Australian Almond Board for the period March 2019 to January 2020. Month on month shipments are up 40% and YTD shipments are up 26%.

The Californian Almond Board has released the domestic and export shipment report for the period August 2019 to February 2020. It confirmed the 2019 crop will be approximately 2.55 billion pounds. Month on month shipments are up 7.9% and YTD shipments are up 5%. Both domestic and export shipments for February 2020 were record results.

World demand from major almond importers and domestic customers remains strong. The Chinese customers have commenced production post the extended Lunar New Year closure as a result of the Coronavirus.

Select Harvests’ 2020 crop is over 65% committed for sale at prices within the previously provided range of A$8.00 – A$8.50/kg. As previously advised, cashflows have been delayed and it is anticipated that export shipments of the 2020 crop will commence within the next month.

Crop Update

The 2020 harvest is progressing very well. Approximately 40% of the orchards have been harvested with completion expected by the end of April. 10% of the crop has been processed with the yield and quality profile similar to last year. While it is too early to provide an accurate forecast SHV management is currently optimistic about crop size and quality.

This announcement has been approved by the Board of SHV.