Florida Orange Forecast Drops and Chapter 12 Farm Bankruptcy Filings Are Down
From the Ag Information Network, I’m Bob Larson with your agribusiness update.
** The USDA lowered its estimate for Florida orange production in its February forecast while keeping Florida grapefruits and specialty fruits stable.
According to www.morningagclips.com, the report forecast 43.5 million boxes of Florida oranges, a difference of 1 million boxes from the January forecast.
Florida grapefruit production is expected to reach 4.1 million boxes, while Florida specialty citrus is expected to remain at 800,000 boxes.
Shannon Shepp, executive director of the Florida Department of Citrus, says the courage and determination of Florida Citrus growers does not waver.
**A new Market Intel analysis from the American Farm Bureau Federation finds that farm Chapter 12 bankruptcy filings have fallen by 50% in 2021.
The number of Chapter 12 filings in 2021 is the lowest in a decade, and it’s the first time in at least a decade that there have been fewer than 300 filings.
For 2021, 276 Chapter 12 bankruptcies have been filed across the country.
**Data from the USDA Economic Research Service details the increase in fertilizer prices.
At the end of 2021, prices began to soar along with rising prices for natural gas, a main input in the production of nitrogen fertilizers.
In December, average monthly natural gas spot prices at the Henry Hub distribution center in Louisiana were 45% higher than in December 2020.
Fertilizers represent on average 36% of a farmer’s operating costs for corn and 35% for wheat.