0033 GMT - Almond prices have gone nuts in recent months, and Bell Potter thinks a lull in planting in California can keep a lid on supply. The bank remains bullish on Australian grower Select Harvests even after a 43% share-price grain over the past 12 months. Analyst Jonathan Snape highlights that Californian plantings in 2024 fell to 1.2% of the bearing acreage, representing the lowest level since 1985 and materially below the 30-year average of 6.3%. It's now been below the replacement rate for three straight years. "This movement down in future supply growth potential has historically coincided with an inflexion in the commodity price and prolonged periods of upside in the commodity value," Bell Potter says. Select Harvests' 1H underlying profit was double the bank's expectations. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
May 29, 2025 20:33 ET (00:33 GMT)
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