- Select Harvests (SHV) expects “lower than previously forecast” 2023 almond crop volume amid unfavourable weather conditions
- The company is lowering its 2023 crop volume forecast to 17,500 metric tonnes – down from its previous 2021 and 2022 figures
- Despite the news, SHV Managing Director David Surveyor says crop volumes are expected to recover and return to normal in 2024
- According to the Bureau of Meteorology, Australia is headed into an El Nino pattern which is considered more favourable for growing almonds
- Shares in SHV were down 1.1 per cent and trading at $4.51 at 1:00 pm AEST
Select Harvests (SHV) is expecting a “lower than previously forecast” 2023 almond crop volume amid unfavourable weather conditions.
The company announced it’s reducing its 2023 crop volume forecast to 17,500 metric tonnes (MT) – down from 2021 figures of 28,250MT and 2022 of 29,000MT.
SHV reported while there still remains a significant amount of crop to be processed, it could confirm climatic conditions have materially impacted the 2023 crop, with cold and wet weather causing unusual growing patterns and lower yields.
Select Harvests Managing Director David Surveyor expressed that despite the setback, crop volumes are expected to recover in 2024.
“Assuming a return to more normal weather conditions, we expect yields for the 2024 crop to bounce back to 2021/2022 levels – or better given the maturity profile of our trees,” he said.
“Assuming the status quo on almond and water prices, we expect a return to profitability.”
Mr Suveryor said early indications suggest the 2024 crop is on track to return to normal yields.
After three years of the wet La Nina weather patterns, the Bureau of Meteorology has forecasted Australia is headed into an El Nino pattern, which is considered more favourable for growing almonds.
Shares in SHV were down 1.1 per cent and trading at $4.51 at 1:00 pm AEST.