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  • Select Harvests AGM: Record almond crop projected

    Nov 25th, 2016

    ALMOND producer and processor Select Harvests Limited is expecting to harvest a record crop next year. At its annual general meeting today, managing director Paul Thompson said he estimated the crop would be 15,500-16,000 tonnes and 10-12 per cent largest than this year’s crop.But harvest will start later due to seasonal conditions. “We estimate the 2017 harvest will commence in the last two weeks of February,” Mr Thompson said.

    “The recent hailstorm caused minor damage to two of our properties in South Australia and Victoria.“We have completed our investigation into the impact of the storm, and concluded there has been no significant crop loss.”When it comes to price, Mr Thompson said almonds were currently making $7.50-$8 a kilogram. “We have commitment for only 17 per cent of the 2017 crop within this range,” he said.

    “Ultimately, the final price will be determined by our crop quality, the sellout of the remainder of the 2016 US crop and the industry’s estimate of the 2017 US crop.”This year’s US almond harvest is almost complete and the crop is expected to be 952,545 tonnes, which is 10 per cent higher than last year’s crop.

    “Shipments of Californian almonds have been gathering pace since the beginning of January and continued over the year,” Mt Thompson said. “Rolling 12-month shipments are 15 per cent higher than last year.”Despite Californian almond production looking up, Mr Thompson said the outlook for the business remained strong. “The supply and demand fundamentals for our core ranges and markets are extremely positive,” he said.

    “Significant demand is coming from many large markets — China, India and the US domestic market ... the Australian market is also active with 247 new almond products being introduced into local Australian supermarkets in the last year.”The Weekly Times recently reported Select Harvests Limited had recorded a healthy after-tax profit of $27.9 million, the second highest in eight years.Revenue increased by 27.9 per cent from $223.5 million in 2014-15 to $285.9 million this year but net profit after tax fell 53 per cent from $59.4 million to $27.9 million over the same period.