Some good points there Rainmaker, since the last company update...

Some good points there Rainmaker, since the last company update the almond price has actually climbed a bit more plus the currency movements are also positive for SHV.

The US and Spain situation means that it is quite likely we'll see high almond prices for a good 12 to 18 months, if not longer. That's based purely on the supply side, I don't see demand decreasing appreciably, if at all.

With talk of continued low interest rates that will also be good for their interest expense.

The market seems to be betting on a significant improvement on the Almond Division EBIT.

The Food Division is definitely under pressure. Although with the way the supermarkets compete it may benefit SHV to not have those contracts, depends on whether they can sell through other channels for a greater profit margin.

Getting back to the Almond Division, one concern is our biggest export market has always been India yet they've been reducing their imports from the US the last few months. Hopefully that is because they've been sourcing their demand from Australia and not due to a drop in demand. Although I have read a report or two of strikes recently by workers at a number of almond processors in that country so perhaps that is the cause in the drop in demand. If it is because of the strikes then expect demand from India to jump once the strikes are resolved.

I am eagerly anticipating the annual report announcement to find out how we are placed and if the market is barking up the right (almond) tree!