SHV +10.2%: a strong day for the almond business, its best session in 4 weeks thanks to the company presenting a more bullish outlook in an update to the market. They have faced a number of different issues over the last few years with the almond price underperforming expectations, too much rain, not enough rain and issues with the bee population which hindered output. They spoke to a potential improvement in the crop for the 2024 harvest on the back of El Nino in the update today which caught the eye of the market, saying the dip in 2023 is expected to be a one-off issue and project a 30% increase in yields from there. Almond prices remain around $6.50/kg and we are unlikely to see a significant increase near term, however, the company is confident of seeing $8/kg+ over the longer term.
MM is neutral SHV around $4.50
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