Bloomberg reports there is a there is a massive nut glut that is causing a dramatic drop in prices.
Here's why, according to the story: "You could blame the keto-crazed, paleo-passionate dieters that made almonds and walnuts their go-to snack. The past decade’s demand boom sparked farmers to bring on the supply. They planted loads of new trees in the past several years. Groves take time to mature enough to bear fruit. Now, all that crop expansion is finally coming to market, but it’s arriving just as Chinese tariffs and fallout from the pandemic are dragging down exports."
The story goes on: "The U.S. is the world’s largest producer and shipper of tree nuts like almonds, walnuts and pecans. More than half of the crop is typically exported, so the $9.5 billion industry hinges on international trade. That’s being undercut even as global appetite grows for the healthy snacks. For almonds, America’s biggest nut crop, export prices are down about 25% from a year ago, according to estimates from Rabobank International. Other varieties have seen similar declines."