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California Almond Prices Fell In 2008

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Dec 31, 2008 3:29 pm US/Pacific

California Almond Prices Fell In 2008

  A bumper crop and a decrease in international demand have combined to reduce by half the price almond growers are receiving for this season's crop.

Wil Hunter of the California Almond Board said prices for the nut are about $1 per pound, down from about $2 a year ago. He said about 350 million pounds of almonds will be held over to the 2009 season in hopes the price will rise.

California almond growers ship 70 percent of their crop overseas, but officials say the strengthening dollar has cut demand from big almond consumers such as China and India.

In recent years growers have been trying to cash in on the demand for almonds by planting new orchards, another factor contributing to the surplus and lower prices.

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