Almonds were at record high prices last August.
In September demand dropped off and prices began to fall. Foreign importers (mostly middle men) began to default on their contracts. Growers and processors panicked as loads already shipped overseas were sitting unclaimed in foreign ports. Prices were slashed further in an attempt to sell these orphan loads. Confidence of both buyer and sellers vanished and prices continued to drop daily. Many contracts were renegotiated at lower prices in an attempt to prevent further defaults. Demand has been weak as no one wants to purchase a large supply of almonds if there is a chance they will be cheaper tomorrow.
The price gains of the last five years has been wiped out over the last few months. Prices are near or below the cost of production for many growers. The odd thing is this crash wasn't caused by a bumper crop and a huge supply. The 2015 crop was just an average crop, just barely enough to cover last year's demand. Most growers thought the 2015 crop would sell for record prices.