US almond co-operative Blue Diamond Growers is to issue cheques totalling $40 million to its nearly four thousand member growers on January 4, 2002, the group announced this week. The payment reflects sales to date of the 2001 crop. Cheques refunding $17 million of annual grower investments in the cooperative for the 1997 crop year that were previously scheduled for May will be issued on February 15, 2002, twelve weeks early.
"The early payments meet our goal of getting more of the growers money into their hands faster,"said Doug Youngdahl, Blue Diamond Growers president and chief executive officer.
Speaking Friday at the cooperative's 91st annual member meeting in Modesto, Youngdahl said, "With almond prices at unusually low levels for the third year in a row, many growers are having difficulty covering their production costs. These early payments will help their cash flow."