Almond producer Select Harvests swung to a $114.7 million loss for the year to June as it sold smaller volumes at lower prices. However, it sought to reassure investors that performance would improve this year due to lower production in the US, the world’s-largest market, which would push prices back up.

Select Harvests suffered a 30 per cent decline in the 2023 crop to 19,771 metric tonnes as cooler and wetter conditions in the country’s third year of La Niña weather patterns hit all growing regions and weaker second-half pricing resulted in a year-average crop price of $6.42 per kilogram – $1.03 below the 2023 crop price the company estimated in the first half.