Disaster Relief Legislation and Expect Higher Orange Juice Prices
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**Federal lawmakers from California have introduced legislation to create permanent disaster relief for farmers who lose crop revenue due to unprecedented climate events, like severe drought, massive wildfires and flooding.
The Agricultural Emergency Relief Act was announced by U.S. Senators Alex Padilla and Dianne Feinstein, Representatives Mike Thompson and Doug LaMalfa.
The Act would fortify emergency relief programs and enable Congress to appropriate supplemental disaster funds.
**The United Nations Food and Agricultural Organization’s Food Price Index averaged 123.9 points in July, up 1.5 points, or 1.3%, from June.
However, it remains 16.6 points or 12% below its value in the corresponding month last year.
The July rebound was led by a solid rise in the vegetable oils price index and partially offset by a significant decline in sugar.
There were small decreases in the price index for cereals, dairy, and meat.
**Expect higher orange juice prices in the months ahead after a bacterial disease and harsh weather ravaged this
season’s crops.
Florida annually produces more than 90% of the country’s orange juice supplies.
Last year, Florida was hit by Hurricanes Ian and Nicole, and freezing conditions, while producers also battled citrus greening disease.
Industry expectations say that U.S. production will reach its lowest point in more than 100 years.
