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Delicious looking pistachio nuts
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America’s pistachio production is booming

Consumers at home and abroad are shelling out for pistachios — and America’s farmers are turning to the hardier crop in response.

Millie Giles

America has long held a love for all things pistachio, with the shelled nut, or at least some derivative of it, being added to Starbucks beverages, Disneyland Dole Whips, and even cult fragrances. Now, US farmers are riding the surge in demand, with pistachios becoming California’s sixth-largest agricultural commodity (by value), beating out tomatoes, carrots, and strawberries over the past decade.

Tough nuts

For centuries a mainstay of Italian cooking, pistachios have taken off in the US recently — and, as public interest has mounted, farmers in California, where more than three-quarters of America’s fruit and nuts are grown, have turned to the hardier pistachio tree over more sensitive crops.

Pistachio production
Sherwood News | Note: Pistachios and walnuts measured on an in-shell basis, almonds measured on a shell basis

In the 2023-24 season, the US produced almost 676,000 metric tons of pistachios, up 69% from the year prior, compared with a 9% increase in walnut production and a 4% decline in almond production over the same period. Though much of America’s pistachio haul ends up in international markets — US shipments to China nearly doubled last year — the reasons behind the pivot are closer to home soil.

Looking at California in particular, pistachio crops generated almost $3 billion in the state last year, according to the CDFA. That same year, almonds brought in $3.9 billion… down significantly from 2019-20, when the crop generated some ~$6 billion.

For a long time the darling of California’s nut exports, almond production has waned as rising temperatures, volatile rainfall, and droughts have become increasingly common in the state, making the water-intensive crop less appealing. By contrast, pistachio trees are estimated to require ~1,200 cubic meters less water per acre than almond trees, and can also go for longer without water — an attractive proposition to those grappling with California’s groundwater-use limits.

But, as farmers look to cash in on green gold, they’ll likely take lessons from last decade’s almond boom: a postpandemic glut of almonds saw prices for the commodity drop to a 20-year low in 2022.

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Netflix is down amid reports it’s leading the Warner Bros. bidding war as Paramount cries foul

Netflix’s charm offensive appears to be working.

Netflix is reportedly emerging as the leader in the bidding war for Warner Bros. Discovery after second-round bids this week, edging out entertainment juggernaut rivals Comcast and Paramount Skydance.

Investors don’t appear psyched by the streaming leader’s turn of fortune: the stock is down on Thursday morning, a day after closing down nearly 5% following reports that scooping up HBO Max wouldn’t necessarily result in a big market share boost.

Paramount, which has reportedly made five bids for Warner Bros. Discovery, doesn’t love the current state of play, either. The company sent WBD a letter questioning the “fairness and adequacy” of the process, highlighting reports that WBD’s board favors Netflix and is resisting Paramount.

Any offer would be subject to regulatory approval — a fact that may have weighed against Netflix’s offer given that cofounder Reed Hastings’ politics are vocally to the left, very much at odds with the current regulatory regime. Paramount seems confident in its ability to get approval, reportedly boosting its breakup fee to $5 billion should its potential acquisition fall apart in the regulatory process.

Investors don’t appear psyched by the streaming leader’s turn of fortune: the stock is down on Thursday morning, a day after closing down nearly 5% following reports that scooping up HBO Max wouldn’t necessarily result in a big market share boost.

Paramount, which has reportedly made five bids for Warner Bros. Discovery, doesn’t love the current state of play, either. The company sent WBD a letter questioning the “fairness and adequacy” of the process, highlighting reports that WBD’s board favors Netflix and is resisting Paramount.

Any offer would be subject to regulatory approval — a fact that may have weighed against Netflix’s offer given that cofounder Reed Hastings’ politics are vocally to the left, very much at odds with the current regulatory regime. Paramount seems confident in its ability to get approval, reportedly boosting its breakup fee to $5 billion should its potential acquisition fall apart in the regulatory process.

business

Delta says the government shutdown will cost it $200 million in Q4

The 43-day government shutdown that ended last month will result in a $200 million ding for Delta Air Lines, the airline said in a filing on Wednesday.

That’s about $100,000 per shutdown-related canceled flight. (Delta previously said it canceled more than 2,000 flights due to FAA flight reductions.) When the company reports its fourth-quarter earnings, the shutdown will lop off about $0.25 per share.

Delta initially stayed calm about the shutdown, with CEO Ed Bastian stating in early October that the company was running smoothly and hadn’t seen any impacts at all. One historically long shutdown later, Delta wasn’t able to remain untouched.

The skies have since cleared, though, and Delta’s filing states that booking growth has “returned to initial expectations following a temporary softening in November.”

Delta’s shares were up over 2% as of Wednesday’s market open.

Delta initially stayed calm about the shutdown, with CEO Ed Bastian stating in early October that the company was running smoothly and hadn’t seen any impacts at all. One historically long shutdown later, Delta wasn’t able to remain untouched.

The skies have since cleared, though, and Delta’s filing states that booking growth has “returned to initial expectations following a temporary softening in November.”

Delta’s shares were up over 2% as of Wednesday’s market open.

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