February 2002 NEWSLETTER

8800 South Minturn Road
Le Grand California 95333 USA
Office 559-665-8500
FAX 559-665-8588

Almond Industry Position Report

Carry-in August 1, 2001
2001 Net Marketable Crop (Received to date)

January 2002 ( Million Lbs.)

107.3
789.1

234.8
477.0

Total Sold

Uncommitted Inventory (Not Sold)

711.8

184.6

Position Report

Shipments of almonds continue to break the previous record for the month, and February was no exception. Shipments for February hit 58.0 million lbs. compared to 47.1 lbs. last February. To date, total shipments for the year are 70.0 million lbs. ahead of last year's record. At this pace, our Industry should ship in the neighborhood of 825 million lbs. Confidence in the market should be greatly improved. The once feared 900 million to one billion pound crop should now be met with eagerness. The industry should be able to market the crop without letting prices erode to last year's levels.

2001 Crop Pool Final

On Monday, April 15th final grower payments will be mailed out representing the balance of your 2001 returns. The prices paid are Nonpareil $1.02, Carmel 87?, California Varieties including Butte/Padre 85?, and Mission 81?. Despite the market challenges this past year presented, Minturn Nut has been able to complete the year on a positive note. The improved market prices realized over the last few months allowed us to average up in the neighborhood of 10-cents per pound across the board. Minturn Nut's final payment is timely when compared to Industry standards and should stand up against most handlers by the time they announce their final prices.

2002 Crop Potential

The Bloom started a bit later than normal because of the cold weather in January. For the first time in memory the Modesto area started ahead of Kern County. In general the entire state bloomed closer together than typical. The bloom was somewhat shorter than seen in recent years. There was a terrific overlap of varieties with good bee activity and better than normal weather. There were some reports of trees not having sufficient blossoms and leafing out too quickly. In general the blossom set was strong. As the bloom concludes, weather has become volatile. There has been heavy rain on separate occasions. A hard frost hit the Sacramento Valley area last week with first damage estimates at 50-60 percent loss. Weather-wise we won't be out of the woods for another month or two.

Contracting for 2002 Crop

Minturn Nut Company is currently contracting almonds for 2002 and future crops. We offer a bonus for growers signing a three-year contract. Growers currently in a three-year contract will be receiving their bonus payment in addition to the above posted pool prices. Growers with multi-year contracts give Minturn Nut Company Inc. an advantage in making prudent marketing decisions.

Annual Grower Appreciation BBQ

Mark your calendar for Friday May 3rd. We know that you don't want to miss our annual Growers Appreciation BBQ. As always there will be lots of "almond talk", fun contests, plant tours, and plenty of food. Tours will start at 11:30 a.m. and lunch will follow at noon.