USDA lowers citrus estimate in Florida

Google's web search engine

"Citrus growers are facing their lowest production since Franklin Roosevelt was president", Buchanan, a co-chairman of the Florida delegation, said in a prepared statement.

Irma destroyed more than 50 percent of this season's oranges, grapefruit, tangerines and tangelos. The citrus industry already was struggling with deadly citrus greening disease before Hurricane Irma devastated many groves in September. The hurricane blew fruit off the tree and caused widespread tree damage.

Probably to nobody's surprise in the Florida citrus sector, the latest crop estimate from USDA comes with a footnote of historic significance - of the dubious kind.

The Ledger reports the U.S. Department of Agriculture reduced the projected Florida orange harvest to 46 million boxes, an 8 percent decline from the agency's November estimate.

The USDA said early, mid-season, and navel varieties in Florida are forecast at 19 million boxes, down 10% from November and off 42% from last season. According to the December crop estimate, Florida will produce 2.07 million tons of oranges in 2017-18, slightly more than the 1.84 million tons of oranges forecast in California. "As I said, we are still settling cases from Matthew, so it's nonstop".

The Ledger reports that when Florida will recover as the major supplier of orange juice to the USA market depends on when the state's citrus trees will return to pre-Irma production.

Following Hurricane Irma, more than 7,500 complaints were placed with Florida's price gouging hotline complaining about inflated prices on water, gas, hotels, and more. That was growers' experience following the 2004 and 2005 hurricanes.

"This is exactly what we thought would happen as the true damage begins to rear its ugly head in the groves across Florida", said Michael Sparks, executive vice-president and CEO of Florida Citrus Mutual, the state's largest grower organisation. Those numbers are expected to grow as the season continues.

That figure does not include other fixed costs, such as capital expenses; land costs, such as a mortgage; and other management inputs.

"That is exactly why the Florida citrus industry is shrinking - they (growers) can not afford the cost of staying in business", he said.

Related News:



Most liked

Chloe Ayling accused claims model faked her own kidnapping to become famous
Michal was arrested by the National Crime Agency (NCA) on a European Arrest Warrant issued by the Italian authorities in August. His lawyer Katia Kolakowska said the kidnap was fabricated and there was evidence of an "existing relationship".

Featured Stock: Kinross Gold Corp (KGC)

Is Credit Suisse Positive On Shares of Callon Petroleum (NYSE:CPE)?
Finally, Jefferies Group assumed coverage on shares of Callon Petroleum in a research report on Monday, October 9th. Voya Investment Mgmt Limited Liability Company holds 0% in Callon Petroleum Company (NYSE:CPE) or 93,670 shares.

IShares Floating Rate Bond ETF Declares Monthly Dividend of $0.07 (BATS:FLOT)

Reduces Stake in Ford Motor Company (F)
ValuEngine upgraded shares of Ford Motor from a "hold" rating to a "buy" rating in a research report on Friday, December 1st. Wall Street is only getting more bullish on the stock, with 10 of analysts who cover GM having a buy-equivalent rating.

What Analysts Suggest About Pier 1 Imports (PIR)?
GSA Capital Partners LLP raised its position in shares of Pier 1 Imports by 114.3% during the third quarter. The stock is above its 52-week low with 37.88% and is in the wake of its 52-week high with -43.57%.

Synaptics announces mass production of in-display fingerprint sensors
Speaking of which, a report back in November claims that only the Galaxy Note 9 will have an in-screen fingerprint scanner. There might even be an option to require both to authenticate payments or even unlock a device, for added security.

Choosing Between Universal Health Services, Inc. (UHS) and HCA Healthcare, Inc. (HCA)?

Spot trends and buy/sell signals: Autodesk, Inc. (ADSK), Flowers Foods, Inc. (FLO)
Prudential Financial has 0.04% invested in Autodesk, Inc . (NASDAQ: ADSK ) on Friday, September 9 with "Neutral" rating. ValuEngine upgraded Autodesk from a "sell" rating to a "hold" rating in a research report on Friday, June 2nd.

Celtic star Moussa Dembele drops January exit hint
The busy fixture schedule was the same for us last season as well. "We just need to compete against them and do our best". I just focus on myself. "We were in the Champions League and it didn't really go our way but we learn from our mistakes".

It Seems Ball Corporation (BLL) Will Go Down. Have Another Big Decline
The investment professionals in our partner's database reported: 585.36 million shares, up from 145.14 million shares in 2017Q1. It increased, as 49 investors sold CMI shares while 269 reduced holdings. 13 funds opened positions while 40 raised stakes.

Costco Wholesale Corporation (COST) has current market capitalization of $82.74 Billion

What do Insider Trends Have to Say About Applied Materials, Inc. (AMAT)?
MPS Loria Financial Planners LLC purchased a new stake in shares of Applied Materials in the 2nd quarter worth about $109,000. The stock is now moving below its 20-Day Simple Moving Average of -7.7% with a 50-Day Simple Moving Average of -7.86 percent.

Three Premier League Giants Linked With Nadiem Amiri
He would come in as a potential replacement for Henrikh Mkhitaryan at United , who has fallen out of favour with Jose Mourinho. Amiri has been a regular feature for the Germany Under-21 squad and recently scored in a 7-0 thrashing of Azerbaijan.

Jerry Jones won't be withdrawing resolution to delay Goodell deal