Cotton and Peanut Forecasts and Farm Cash Receipts for 2022 Near Record
From Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**All U.S. cotton is forecast at 12.8 million 480-pound bales, down 11% from last year. Peanut production is forecast to be up 13% from 2022.
Cotton production in Alabama is down 18% from last year, while peanuts are down 7% from 2022.
Florida cotton production is down 39%, while peanut production is down 21% from 2022.
Georgia cotton production is down 13% from last year, while peanut production is up 16%.
**American farms reported record cash receipts of $555 billion from the sales of all commodities in 2022.
This beat the previous 2014 high by 3.1% after adjusting both for inflation, and was 28% above the 20-year average.
The 2022 record cash receipts primarily resulted from the strength of commodity prices, although production levels were also strong.
Cash receipts from crops amounted to $288 billion, while receipts from animal products totaled $267 billion.
**Most consumers appear to prefer brand-name beverages over generic or store-brand beverages, according to the September Consumer Food Insights Report.
The Purdue University report further indicates consumers make this choice even when presented with a sizable price discount on generic or store brands.
In contrast, most survey respondents said they weren’t willing to pay a premium for brand-name meat, fruits, or vegetables.
