Australia's Select Harvests falls as bad weather affects crop outlook

Select Harvests

12/05/2023 02:27

** Shares of Select Harvests Ltd  SHV.AX  fall as much as
4.2% to A$4.37, their worst intraday drop since April 13
    ** Cuts 2023 almond crop volume forecast to 17,500 metric
tonnes (MT), down from last year's 29,000 MT
    ** Says climatic conditions materially impacted 2023 crop as
cold and wet weather results in unusual growing patterns and
lower yields
    ** Adds that it expects financial impact of lower output to
be partly offset by rising almond prices
    ** Focus now firmly on 2024 crop and returning to normal
yields; says early indications are that 2024 crop is on track to
return to normal yields
    ** SHV at its lowest since April 27; up 16.9% this year as
of last close

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))