U.S. Nut Glut Is So Big Branches Are Breaking From Heavy Crops
- Tariffs, Covid-19 blunt demand as industry faces record output
- Prices could drop below production costs, farmer says
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America’s nut trees are bursting with crops, sparking a massive supply glut that’s sending prices cratering.
In a way, you could blame the keto-crazed, paleo-passionate dieters that made almonds and walnuts their go-to snack. The past decade’s demand boom sparked farmers to bring on the supply. They planted loads of new trees in the past several years. Groves take time to mature enough to bear fruit. Now, all that crop expansion is finally coming to market, but it’s arriving just as Chinese tariffs and fallout from the pandemic are dragging down exports.
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U.S. Nut Glut Is So Big Branches Are Breaking From Heavy Crops