March 2004 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, 2003
2003 Net Marketable Crop (Received to date)

February 2004 (Million Lbs.)

162.0
984.0

279.9
590.0

Total Sold

Uncommitted Inventory (Not Sold)

869.9

276.1

Position Report

After experiencing a pull back in shipments last month the industry is again back on a “record setting” pace. Shipments for February hit 75.6 million pounds compared to 66.6 million pounds last February. Total shipments for the year now stand at 653.3 million pounds, compared to last years total to date of 642.9 million pounds giving the industry an increase of 10.6 million pounds. Assuming the industry will continue on this record-shipping course, total shipments for the year will hit the billion pound mark. The Carry-in for the 2004 crop would be a “skimpy” 140-150 million pounds, which would create a tight supply for transitioning into the 2004 crop.

April Grower Pool Payment

Minturn Nut Company will be making another Pool Payment on Thursday April 15 th. This payment will bring Nonpareil to $1.45 per lb and all other varieties to $1.25 per lb. When we complete selling your 2003 crop we will announce your final prices, which should take place in late May or early June.

Grower Contracting

Minturn Nut is currently contracting with growers for our seasonal pool for 2004 and future crops. Minturn Nut offers one year and three year contracts with a bonus incentive for growers signing a three-year contract. Our payment schedule is aggressive and our 5-7 year return comparisons stand up well against any handler in the industry. For those of you who desire to be actively involved in the marketing of your almonds, we offer a call-pool program. If you have any questions please call your field representative or our office. Growers who are already contracted with us, we appreciate your business and will continue to work hard to insure a profitable return.

2004 Crop Bloom Outlook

The bloom started at both ends of the San Joaquin Valley simultaneously. It worked its way North and South meeting in Madera , with Sacramento Valley “bringing up the rear”. The early blooming varieties were met with poor weather; rain and cool temperature throughout the state. In some areas of the state the Nonpareil bloom was quicker than ideal for good pollination. After a week or so of undesirable weather conditions clear skies and above normal temperatures followed. The late varieties like butte and padre should have benefited by the unseasonable “great” weather. The bud set was prolific in all varieties. There was concern of “weak” beehives being reported up and down the valley. Currently the early blooming varieties are pushing out of their jackets with the later varieties still in the jacket. So far the Nonpareils look “promising” considering the adverse weather conditions experienced. Obviously it is too early for estimating crop size. By next month we will be able to analyze the crop more accurately.

It’s that time of year again!

Be sure to mark your calendar for Friday April 30 th. We hope to have you join Minturn Nut’s owners and staff for the 5 th Annual Grower Appreciation BBQ. Again, there will be plant tours, Hank’s famous Oyster Bar and almond related contests. We will get started at 11:00 with lunch being served around noon . We look forward to seeing you and as always we encourage you to bring your almond growing neighbor.

Buyer & Seller of Quality California Almonds