Dairy Sales Climb in June and Oil Prices Lowest in 6 Months
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**U.S. Farm production expenditures are estimated at $392.9 billion for 2021, up 7.3% from 2020.
www.morningagclips.com reports, Florida total farm expenditures, at $7.90 billion, are up 2%. Labor expenses increased 36%.
Georgia’s total farm expenditures, at $8.16 billion, is up 14%. Feed expense in Georgia rose 13% in 2021.
www.morningagclips.com/southern-region-farm-production-expenditures/
**The sale of dairy products climbed in June.
Supermarket News says dairy sales totaled just under $5.1 billion for the month, 16% higher year-over-year.
The International Dairy Deli Bakery Association says unit sales did drop 2.4% from last year, but the consistency of weekly sales levels, all at least $1.2 billion, is encouraging because demand is holding strong especially compared to pre-COVID levels.
**Oil prices declined to the lowest point in almost six months, caused by weakening gasoline demand and recessionary fears.
Bloomberg says West Texas Intermediate fell to $87.78 a barrel, a level last seen before Russia invaded Ukraine.
Fears of a slowing economy have intensified along with the potential impacts on crude demand.
One senior market analyst says prices falling under $90 a barrel is “quite remarkable” given how tight the market is and how little relief is in store.
