SACRAMENTO (CBS13) — After years of hitting records, almond prices have toppled in 2016, as prices have dropped nearly by half in just five months.
The almond market hit a record-high in August, going for $4.60 a pound, but they’re now selling for nearly half that at $2.60 a pound.READ MORE: 'I Have No Words': Hero's Family Speechless As He's Receives Carnegie Medal
Farmers say the most recent harvest was much higher than they thought it would be during California’s drought, meaning they have an abundance of nuts. But at the same time, demand dropped, especially in the Middle East and China.READ MORE: Assemblyman Says Local Tribes Will Help Design Native American Memorial At State Capitol
Now almond sellers have been forced to drop prices to a three-year low.
“Obviously the California sellers have weakened somewhat, and they’ve failed to keep demanding a higher price or the current price levels,” said almond grower David Phippen. “Once you start that very slippery slope, It’s hard to find the bottom.”MORE NEWS: Thousands In Attendance For Return Of California Capital Airshow
Importers in India, China and Dubai are also reportedly refusing to accept the almonds they agreed to buy.