SHV +1.35%: the almond grower provided a trading update following the completion of their latest harvest saying 100% of the almonds had now been secured. There were some drawbacks though with wet weather meaning a portion of the crop would need to be mechanically dried at a cost, while freight remains an issue and will likely push out any cash flow. These issues were largely well understood and the market was comforted by their update on the Varroa mite infestation saying it had seemed to be contained which should lead to a relaxation of restrictions hopefully in time for pollination next month. Select was also bullish on almond prices, securing $6.64/kg for the initial 62% of the crop while California’s production outlook continues to be downgraded.
MM is bullish and long SHV in the Emerging Companies Portfolio
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