California Almond Production Down and Global Food Prices Drop
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**California’s almond production is expected to drop by 11% this year, with the yield falling 2.6 billion pounds.
The state’s continuing drought and a devastating February freeze in several almond-growing counties is to blame.
The USDA reported $35 million in indemnities were paid to state almond growers this year, with more than 90% of crop losses blamed on the freeze.
**Global food prices dropped for a fifth-straight month after a seasonal rise in supplies and a drop in demand for some products.
With more grain our of Ukraine, wheat harvest is helping ease those supply concerns.
A U.N. index of world food costs dropped 1.9% in August and remains at its lowest level since January.
While consumers will feel some relief, the declines aren’t as sharp as they were in July, when food prices dropped the most since 2008.
**Annual U.S. retail prices for beef and veal are projected to rise 6 to 7% in 2022 compared to last year.
In May, according to www.agrimarketing.com, the farmer's share of the retail value of beef also increased year over year, but rising input costs, especially cattle feed, may limit farmers' ability to benefit from higher cattle prices.
USDA estimates show feed expenses are the largest operating cost for cow-calf producers, at 75% in 2021.
www.agrimarketing.com/s/142232
