There seems to be only downside to the US crop predictions. The drought in California has been fierce and is unlikely to break before their autumn. The May crop estimate had to be revised down and the new estimate may end up the same. Almond growers will be targets as the fight over water rights gets more heated. In the long run, La Nina will get replaced by El Nino at some point, but it may be that the California almond industry will take a long time to fully recover from this northern summer.
Ann: Select Harvests Limited Crop and Market Update, page-6
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