Almonds glut crushes price

THE price of almonds has almost halved due to booming supplies from a better than expected harvest.

The value of the popular nut, which is a staple food for healthconscious consumers, has fallen from a record high of $4.70 a pound in August to $2.60.

Farmers have suffered a double whammy of pain as crippling nut prices from the summer dented demand and overproduction from the latest crop crushed prices.

One American nut trader has described the conditions affecting the almond market as a ‘bloodbath’.

More than 80pc of the world’s almond production comes from California and in recent years the trees have been blamed for causing a drought in the region.