After enduring challenging seasons, California's walnut sector might be approaching a recovery phase. Michael Jameson from Morada Nut Company, with almost 40 years in the field, shared his views with Nick Papagni, known as "The Ag Meter."
Jameson stated, "This is the year we turn the corner and start seeing significant returns back to the grower," indicating a potential positive for growers. However, he noted that global currency fluctuations remain a challenge, affecting international transactions.
The exchange rates over the past four years have shifted notably: The Canadian dollar climbed 17%, the South Korean won gained 24%, the Japanese yen increased 28%, the Taiwan dollar grew 16%, and the Turkish lira saw a 73% surge. Jameson remarked, "These exchange rate issues are making it significantly more expensive for overseas buyers to import our walnuts," noting additional complications from tariffs and freight costs.
The upcoming harvest is set for September. The previous year's production was around 605,000 tons; however, forecasts for this season suggest an output between 650,000 and 700,000 tons, signaling potential restoration to previous production benchmarks.
In Jameson's words, "Last year, prices rose but volumes were so low that returns per acre were just okay." He expressed that with improved yield forecasts alongside stable pricing, 2025 might deliver more favorable outcomes for growers.
Source: AgNet West
