Unusually wet and cold weather means this year's almond harvest is shaping up to be a poor one, a leading nut-grower says.
Select Harvests told the ASX on Tuesday that harvesting of the Nonpareil almond variety began in mid-February and initial indications are that volumes are down 25 to 35 per cent from initial forecasts.
"Select Harvests understands this trend is generally consistent across the Australian almond industry," managing director David Surveyor said.
Nonpareil almonds make up about half of Select Harvests' total volumes. They are harvested first because they are non-pollinating.
So far there are no estimates on volumes for the pollinator almond crop.
Select Harvests said that despite the poor harvest and last year's disappointing crop - which was of the lowest quality in a decade - it expects to remain within its debt covenants after renegotiating them with its banking partners.
It is expecting better pricing on the almonds it does produce this year, with strong purchases from China.
At 1.18pm AEDT, Select Harvests' shares were down 4.6 per cent to $3.96.
