Walnuts

July 15, 2017

Exports out of Chile have begun to decrease as we move closer to the Northern

Hemisphere new crop. Californian current season stock is very scarce; we do not expect to

see many offers until new crop.

Despite the fact that the new US crop is expected to be 6% larger than last year we still

expect prices to open significantly higher than in 2016. Demand is still over supply and

many buyers seem to be needing stock quite urgently, as due to the low prices last year the

crop sold out too quickly.