Agriculture - August 2010
Citrus prices rose 4 percent in July from a year earlier.
- Citrus prices, which have risen steadily since the beginning of the year, were up 7 percent in July on a month-over-month basis.
- The U.S. Department of Agriculture's recent orange forecast was 2 percent lower than the one reported in late 2009.
Poultry prices were flat in July on a month-over-month basis but up 4 percent year over year. According to the USDA, market conditions are still favorable.
- The most recent USDA report indicated that the poultry industry will expand production this year because of an improving domestic market and stronger-than-expected exports.
Upbeat market conditions have continued to support high cotton prices.
- Cotton prices in July jumped 43 percent from a year earlier, led by favorable global market conditions.
- According to recent USDA data, the short-term outlook for cotton is bright. Major mill producers such as China and India are expected to rely more on U.S. cotton, and the global cotton supply is likely to be affected by flood-incurred losses to Pakistan's cotton crop.