Walnuts

December 1, 2018

The final crop number will be around 650 thousand tonnes, down from the objective
estimate of 691 thousand. The main catalyst for the shortfall is that the Chandler crop
was below what was originally expected. This is creating somewhat of a pricing floor.
Prices have risen from long term lows and packers are a lot more comfortable with their
sold percentage than they were a month ago.
In Chile, severe hailstorms affected many crops but walnuts were spared. The 2019 crop
expectation is 125 thousand tonnes up from 100 thousand tonnes this year.