JULY 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)

June 2002 ( Million Lbs.)

107.3
791.0

263.1
585.6

Total Sold

Uncommitted Inventory (Not Sold)

848.7

49.6

Position Report

The record setting year for shipments continues. Almond shipments for June hit 54.6 million pounds surpassing last years record by 2.1 million pounds. Total shipments for the year currently stand at 779.2 million pounds with July left to report. If the industry ships 50 million pounds in July (which should be accomplished) the total shipments for the year will reach 829.2 million pounds. This would eclipse last years record by 90 million pounds. The carry-in would be 69.1 million pounds and we could expect 100% of those pounds to be sold before harvest. Almond prices are still nothing to brag about, however prices are up 10-15% over last year at this time. Having moved world demand up substantially in recent years, coupled with the weaker dollar, our industry should now have the ammunition needed to strengthen prices.

Record Objective Estimate - 980 million pounds!

On June 27th C.A.S.S. released the 2002 crop objective forecast at a record 980 million pounds. The average kernel weight for all varieties was down 12% from last year. The survey also found that 98% of all nuts sized were sound. This estimate was based on 530,000 producing acres.

Delivery Payments

The “on delivery” payment will be $.45 for Nonpareil and $.35 for all other varieties. Minturn Nut’s grower delivery payment policy is as follows: payments are made twice a month and are based on the incoming USDA grade. Deliveries that are graded before the 1st and 16th will be included in payment made on the 5th & 20th. Payments are mailed with the “Grower Payment Report” and “Grower Received Summary". All growers will be issued delivery payments unless a grower deferment authorization form has be completed and on file.

For 2002 Contracted Growers

• Reminder: If you want to defer any or all payments for the 2002 crop a "Deferment Authorization" form must be signed & in our office prior to harvest. Any grower can defer a payment or choose to take a predetermined amount. If you have questions call your Field Representative.
• Have you changed your huller/sheller this season? This is important for scheduling bin deliveries and crop delivery pick-up. Please notify the office as soon as possible.
• Correct information helps make for a "problem free" season! Be sure to notify Minturn Nut of new or changed phone, cell or fax numbers, addresses, etc.
• Grower Received Summary Reports are faxed out to the grower on a daily basis (as soon as they are input into our system). If you have a fax machine and are NOT receiving your Grower Summary call the office so we can get you on our FAX list. Would you like your newsletter faxed or emailed instead of by snail mail? If so call the office.
• USDA Incoming Grades – As you know all incoming almonds are graded by USDA. If you have a question regarding a specific grade contact your Field Representative. They can review the grade with you and discuss your options. It is important this be done as soon as possible.

Congratulation to Michael of Terra Nova Trading for “nailing” the Objective
Estimate at 980 million pounds!