California almond growers are feeling the squeeze
[T]he prospect of harvesting 2.8 billion pounds this year — just shy of the 2.9 billion pounds in 2021 and the record 3.1 billion pounds in 2020 — has industry leaders both excited and worried. That’s because about 1.3 billion pounds of unsold almonds are still sitting in piles at processing and packing facilities. The problem comes at a time when inflation and a historic drought are pushing the costs of production and water supplies to an all-time high, and the price of almonds has fallen to an all-time low of about $2 per pound. It’s a sharp reversal for the industry after four decades of relentless expansion across 1.6 million acres in California’s agricultural Central Valley from Tehama County to southern Fresno County.
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