California Tomato Forecast Lower and World Food Prices Drop
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**This year’s California tomato forecast is growing smaller.
In January, the USDA predicted tomato farmers would produce 12.2 million tons, but that estimate has been revised downward, to 11.7 million tons.
California farmers are producing less than anticipated due to drought and reduced water deliveries.
California Tomato Growers Association’s Bruce Rominger says, people are challenged with their water supply.
**The EPA issued the final Renewable Volume Obligations for 2020, 2021, and 2022.
In a move sure to please the ethanol industry, the rule adds a supplemental 250 million gallons that was illegally waived in the 2016 RVO and denies 72 pending small refinery exemption requests.
Growth Energy CEO Emily Skor says the 15 billion gallons in 2022 is a move that will set the direction of total and advanced renewable fuel volumes for 2023 and beyond.
**World food prices dropped in May, the second-straight monthly decrease after hitting a record high in March.
The U.N.’s Food and Agricultural Organization says while overall prices dipped, the cost of cereals and meat both rose during May.
While the average did drop month-to-month, the May index was still 22% higher than in 2021.
In the cereal supply and demand estimates, the FAO expects global cereal production would drop in the 2022-2023 season for the first time in four years.
