June 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)

May 2004 (Million Lbs.)

162.0
991.6

330.7
697.5

Total Sold

Uncommitted Inventory (Not Sold)

1028.2

125.4

Position Report

Almond shipments continue to “roll out” at an encouraging pace. May shipments hit 69 million pounds equaling last years “record shattering” 69 million pounds. Total shipments this year are 27 million pounds ahead of last year. Almonds sold but not shipped are ahead of last year by 15 million pounds. Demand for current crop has increased in the last few days. These factors suggest that consumption should surpass the billion pound mark for the year. The best news is that inventories are not building-up in warehouses around the world.

Final 2003 Grower Pool Pricing

We are pleased to announce the final prices for the 2003 Grower Pool payment. Below you will find a listing for the final pool base pricing including the average bonus payment. *Over 90% of our growers tonnage participates in our Pool Bonus program. Payments will be mailed the first week of July. Minturn Nut feels confident that our final return will be competitive.

Food Safety

With the recent salmonella issues resurfacing in the almond industry, food quality and safety are at the forefront. Food safety is everyone’s responsibility and it begins with good farming practices. We have literature that can aid in producing quality almonds available. Using any form of manure for fertilization or lagoon water for irrigation is unacceptable! These cultural practices are considered reckless in today’s environment. Minturn Nut will keep you informed as information is passed down from the Almond Board and USDA. For your information Minturn Nut has no involvement in the recent problems. We are taking an active roll in adopting industry policy that will better protect our customers and industry from any problems.

A Note From the Marketing Department

With hull split just around the corner we would like to ask our growers to pay close attention to potential insect damage, Good spray timing and good spray applications should help reduce insect damage. Ant Bait needs to be applied early before harvest. Nonpareils with serious damage over 2% do NOT make supreme grades! Remember: Quality is King! Cleaner almonds equal higher return to the grower.

Buyer & Seller of Quality California Almonds