“In spite of ongoing water concerns and high land costs, Rabobank expects California almond growers will continue to increase plantings and total production, leading to a rise of about 2 percent and 3.5 percent per annum, respectively, over the next decade,” according to Vernon Crowder, senior vice president and senior analyst.
And the water shortage has only made things better. “Drought conditions and the stronger US dollar have increased the price of almonds for all buyers,” he wrote.
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