Select Harvests (ASX:SHV) has announced that the 2023 almond crop volume is expected to be lower than previously forecast, with an updated projection of 17,500 MT, due to unusual weather patterns and climatic conditions resulting in lower yields.
The company expects the 2024 crop to bounce back to normal levels with favourable pricing and cost environment, upgrading its 2023 net average pricing forecast crop to a range of $7.40 – $7.80/kg with further potential increases.
Select Harvests said it has a strong balance sheet and financial position, with additional funding and a higher-than-reported Net Asset Position, indicating its ability to manage a poor crop year.
Its share price is up 3% over the past month.