Hurrican Debby Damage Estimates and International Sweetener Symposium
From the Ag Information Network, this is your Agribusiness Update.**A preliminary estimate of the total damage and economic loss from Hurricane Debby is $28 billion.
AccuWeather says Debby’s impacts on the Southeastern U.S. will be widespread and long-lasting.
The hardest-hit locations experienced a foot or more of rain in only one or two days, leading to devastating flooding.
The highest wind gust reported was 99 miles per hour in Horseshoe Beach, Florida, and the highest storm surge was 6 feet in Cedar Key, Florida.
**In a bipartisan show of support for U.S. sugar policy, Representatives Lori Chavez-DeRemer of Oregon, and Rick Larsen and Dan Newhouse of Washington all spoke at the International Sweetener Symposium in Washington.
Each noted the importance of agriculture to their region of
the country.
Sugar production has a significant impact on the Pacific Northwest’s economy.
In Washington, sugarbeets drive $28 million in yearly economic impact, and in Oregon, $128 million.
**Global trader Cargill has plans to streamline operations after missing internal earnings goals.
Reuters reports agricultural merchants like privately held Cargill are facing challenges as prices of the commodity crops approach four-year lows and crop processing margins fall.
Beginning September 1, Cargill will transform from five enterprises into three: Food, Ag & Trading and a Specialized Portfolio.
Cargill has laid out a plan, but gave no specifics.
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