SHV +13.24%: the almond grower rallied to 3-month highs today following a better-than-expected crop update. 80% of the 2022 crop has been processed, with 722% sold at a strong price of $6.75/kg. They’ve also forecast 30kt for the 2023 crop after securing the minimum level of bee hives required. While this is a slight downgrade, the market was positioned for worse with a short position of around 4% heading into the update. We suspect shares will be supported given the major risk is now less of a concern.
MM is bullish and long SHV in the Emerging Companies Portfolio
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