Florida Orange Forecast Drops and Chapter 12 Farm Bankruptcy Filings Down
**The USDA lowered its estimate for Florida Orange production in its February forecast while holding Florida Grapefruit and Specialty fruit steady.
According to www.morningagclips,com, the report projects 43.5 million boxes of Florida Oranges, a 1 million box departure from January’s forecast.
Florida Grapefruit production is projected at 4.1 million boxes while Florida Specialty Citrus is expected to remain at 800,000 boxes.
Florida Department of Citrus executive director, Shannon Shepp says, the grit and determination of Florida Citrus growers does not waver.
**A new Market Intel analysis from the American Farm Bureau Federation finds Chapter 12 farm bankruptcy filings were down 50% in 2021.
The number of Chapter 12 filings in 2021 is the lowest in the last decade, and this is the first time in at least ten years there were fewer than 300 filings.
For 2021, 276 Chapter 12 bankruptcies were filed across the nation.
**Data from USDA’s Economic Research Service details the increase in fertilizer prices.
In late 2021, prices began to spike alongside rising natural gas prices, a primary input in nitrogen fertilizer production.
By December, the average monthly spot prices of natural gas at the Henry Hub distribution hub in Louisiana were 45% higher than in December 2020.
Fertilizer represents an average of 36% of a farmer’s operating costs for corn, and 35% for wheat.