Hurricane Milton Acreage Report and Rural Mainstreet Index Drops in December
From the Ag Information Network, this is your Agribusiness Update.
**A report from the University of Florida says Hurricane Milton, a Category 3 hurricane in October, hit more than 5.7 million acres of agricultural land, over 68% grazing land.
Across all commodity groups, approximately 62% of impacted acreage experienced low-intensity weather conditions.
38% experienced moderate-intensity, and less than 1% experienced high-intensity weather conditions.
Preliminary estimates of production losses are between $190 and $643 million.
**The U.S. is on pace to surpass five billion gallons of biodiesel and renewable diesel consumption for the first time.
That caps a 2024 that saw increased efforts from states to drive adoption, technical standard updates, growth in soybean crush capacity, and growing support for clean transportation fuel.
Clean Fuels Alliance America CEO Donnell Rehagen says a strong 2024 has set the industry up for further growth in air, marine, rail, and heavy-duty transportation.
**After advancing above growth neutral in November for the first time since 2023, at 50.2, the Rural Mainstreet Index sank to 39.6 in December.
That’s according to the monthly survey of bank CEOs in rural areas dependent on agriculture or energy.
Roughly one in four bankers reported their local economy was either in a recession or would enter a downturn in 2025. The others expect slow growth but no recession this year.
