July 2003 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, 2002
2002 Net Marketable Crop (Received to date)

June 2003 (Million Lbs.)

80.9
1,039.8

322.4
699.5

Total Sold

Uncommitted Inventory (Not Sold)

1021.9

98.8

Position Report

Almond shipments continue at their record shattering pace, breaking last year’s total shipments with one month left to ship. In June our industry shipped out 73.8 million pounds compared to last years 54.1 million pounds. Total shipments for the year now stand at a whopping 922.9 million pounds compared to last year’s 779.2 million pounds. If the industry ships 58 million pounds in July (which should be accomplished) the total shipments for the year will reach 980 million pounds. This would eclipse last years record by 155 million pounds. The carry-in will be at a very manageable level of 140 million pounds with most of that tonnage being sold before harvest begins. An argument can be made that California needs to produce a billion pounds in order to meet the expanded demand we now enjoy.

Object Estimate 1 Billion Pounds

On June 26 CASS released the 2003 crop Objective Estimate at one billion pounds, up 9% from the May 9th Subjective Estimate. The average kernel weight for all varieties was up 18% from last year. This estimate was based on 530,000 producing acres, the same producing acreage total used last year.

Delivery Payment

The “on delivery” payment will be $.60 for Non-Pareil and $.52 for all other varieties. Minturn Nuts grower “on delivery” payment policy is as follows: payments are made twice a month and are based off the incoming USDA grade. Deliveries that are graded before the 1st and 16th will be included in payment made on the 5th and 20th. Payments are mailed out with the “Grower Payment Report” and “Grower Received Summary.” All growers will be issued delivery payments unless a grower deferment authorization form has been completed and is on file.

For 2003 Contracted Growers

• Reminder: If you want to defer any or all payments for the 2003 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 or our office and ask for Mary.
• 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.
• 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.
• 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.

Today’s Market Prices

Based on today’s market levels, grower prices would be the following: Nonpareil $1.50-$1.55 with California types at $1.35-$1.40.

Congratulations to Rollo Conrad for “nailing down” the Objective Estimate at One Billion pounds!