-August 11,2022-
Prices of key milk products head lower
Western United Dairymen reports that the price of cheddar cheese and dry milk powder, key milk commodities, are heading lower this summer,down from highs earlier this year. Cheddar prices had reached a high of $2.40 a pound in May, but are now down to $1.80 and NDM has dropped from $1.90 to near $1.40 following other ag commodities lower.
Nut exports soar
California agricultural exports in June rose by 15.5% to $3.941 billion from $3.416 billion as overseas shipments of almonds, pistachios, and walnuts – three of the state’s top five farm exports – all soared. Shipments abroad of Food & Kindred products gained by 14.2% rising to $3.301 billion from $2.890 billion.
Beef exports up one third
U.S. beef exports remained on a red-hot pace in June, topping $1 billion for the fifth time this year (after twice hitting $1 billion in 2021), according to data released by USDA. Exports of U.S. pork remained below last year’s large totals in June, while lamb exports continued to trend higher.
June beef exports totaled 130,638 metric tons, down slightly from the record volume posted in May but up 16% year-over-year and the fourth largest on record. Export value was $1.05 billion in June, also down slightly from the May record but 31% above last year. For the first half of 2022, beef exports increased 6% from a year ago to 743,904 mt, valued at $6.19 billion (up 33%).
Western Growers honor John Harris
Local ag leader John Harris will be honored by Western Growers at a Award of Honor Dinner Gala at the Western Growers 2022 Annual Meeting in Las Vegas Nov. 2-5, 2022.
John Harris was born to a farm family whose operations in California extend back more than a century. He graduated with a degree in agricultural production from the University of California, Davis and then served two years in the U.S. Army. Besides his tenure as CEO and sole shareholder of Harris Farms and his 11 years on the Western Growers Board of Directors, Harris served five terms as president of the California Thoroughbred Breeders Association. The Harris Farms Thoroughbred Division produced California Chrome, the winner of the 2014 Kentucky Derby and Preakness Stakes. In 2014 he received the Agriculturalist of the Year award from the Fresno Chamber of Commerce.
Speculators leave ag commodities markets
Wall St Journal
“An exodus of hedge funds and other speculators from commodities markets has intensified the fall in prices for wheat, corn, soybeans and other staples.
It is a sharp reversal from earlier this year when money managers, worried about inflation and war-related supply problems, helped run up commodity prices by piling into futures markets with bets that prices would rise. Wheat and soybeans notched price records earlier this year and corn climbed close to an all-time high, but since then speculators have exited from agricultural markets, taking profits, closing out inflation trades and battening down for recession.”