Almond growers in California are beating the odds by increasing production and crop prices at the same time. Average prices this year are up by 20 percent per pound.
Central Valley farmers harvested a record 1.1-billion pounds of almonds last fall. While such a huge supply usually means a drop in prices, profit margins have been helped by a sharp rise in demand.
In addition, the Los Angeles Times reports some hardball negotiating by the giant Blue Diamond cooperative has helped. The co-op's chief executive reportedly threatened to hold almonds off the market if buyers didn't agree to pay more.