California Ag Commodity Buzz -- 2/16/24
California Ag Commodity BuzzFor the week ending February 16, 2024
Beef Prices Could Hit 'Record Levels' in 2024 …according to an economist with the American Farm
Bureau Federation there were 87.2 million cattle and calves in America as of Jan. 1, which is 2%
lower than the same time period in 2023, which is also the lowest January cattle inventory since
1951. Consumers may end up paying more due to a drop in supply.
Source: Zoe Strozewski at Eat This,Not That!
Chocolate prices are also expected to increase in 2024 due to elevated costs to manufacturers
coming from a 65% surge in cocoa prices in the past year.
Source: Bloomberg
Mandarin supply in California was already looking fairly light but recent rains have kept
harvesting at bay, especially in regions with clay soil where water in retained for more days.
Source: Fresh Plazza/Shellenberg Farms
Manzana, the last remaining apple processing plant in Sonoma County (CA) will be shutting down its
CA operation after 101 years and relocating to Washington. Reasons cited were the dwindling local
apple production and the high cost of transporting apples from Washington state to produce its
apple cider, apple sauce and apple cider vinegar.
Source: Sonoma County Gazette
A new Avocado developed at UC Riverside named the “Luna” is about to hit the world market. The new
variety tree grows about half the size of the “Hass” variety and will yield about the same per tree
meaning growers can plant more trees per acre. It also makes harvesting safer and easier.
Source: University of California Ag and Natural Resources
In 2023, all Food Prices (representing both food at home and food away from home) increased by 5.8
percent on average compared with 2022.
Source: USDA, Economic Research Service
The Strawberry industry in California, which contributes 90% of the nation’s supply during peak
season, is experiencing a delayed harvest due to adverse weather conditions pushing back the peak
season. Source: kion546.com