Experts Wary Of Almond Profits As Europe, Asia Pull Back Demand

RIPON (CBS13) — Experts say despite the bounty, almonds may not bring in big profits this year.

In Mistlin Park, there's a carnival and Almond Blossom Festival events throughout this city this weekend. The events celebrate the first crop to bloom.

While the almonds look good to farmers, experts are on the fence whether farmers will make a profit or take a hit this year.

The blossoms actually started a week before the festival, and growers are pleased with how the trees look. They say the El Nino rains and cooler weather produced healthier buds. For almond dessert makers, that's good news. Alison Martinez was worried the drought would put an end ot her local almond supply.

This year, almond prices are down. Tim Pelican, the San Joaquin Agriculture commissioner, says in some cases, almonds sell for less than $2 a pound.

"A lot of it has to do with overseas markets. The exports we wrote certificates for last year were down a little bit," he said.

Asia and Europe purchased fewer almonds from California growers cutting into almond profits. While this year's crop looks better than previous years, how much California farmers will make off of them in 2016 is still a tough nut to crack.

About 40,000 people come through the festival that runs through Sunday.