An interesting and broadly unbiased article on Californian almonds from NPR:
Almonds have long been a major cash crop in California, for decades bringing in billions of dollars a year. In 2022, it was the state’s second highest grossing crop after grapes.
Over time, overseas exports exploded and, as demand rose, so did prices. Farmers planted more trees, and outside investors gobbled up farmland hoping to turn a profit. As a result, in the last 30 years, almond-bearing land in California tripled to more than 1.3 million acres.
But pandemic-era shipping snags upended all those exports. That, coupled with the maturing of tens of thousands of acres of trees that had been planted when prices were higher, left an oversupply that dropped prices to the lowest they’ve been in 20 years.
In just the last few months, however, the outlook has been changing, with wholesale prices on the rise after almond-bearing acreage dropped for the first time in decades. While some growers and producers are optimistic the industry is turning around, others continue struggling. The situation even led one investment group, with 8,000 acres of almonds, to file for bankruptcy this spring.
https://www.kvpr.org/business-economy/2024-07-11/farming-is-a-gamble-in-californias-almond-boom-and-bust-growers-are-hoping-for-a-rebound
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In my experience, 'rebounds' are later and more vigorous than pundits expect. SHV's recent energetic rise may or may not be the real thing.
DYOR
Ash
USA Report, page-273
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