US Cotton Trust Protocol and World Food Prices Drop in May
From the Ag Information Network, I’m Bob Larson with the Agribusiness Update.
**The U.S. Cotton Trust Protocol announced a new streamlined three-year grower enrollment for the 2022 through 2024 crops.
The new process is designed to be quick, easy, and efficient, which allows a grower-member’s cotton to enter the supply chain sooner.
President Dr. Gary Adams says they understand the high demands on a grower’s time and listened to producer feedback.
**The EPA issued the final Renewable Volume Obligations for 2020, 2021, and 2022.
In a move sure to please the ethanol industry, the rule adds a supplemental 250 million gallons that was illegally waived in the 2016 RVO and denies 72 pending small refinery exemption requests.
Growth Energy CEO Emily Skor says the 15 billion gallons in 2022 is a move that will set the direction of total and advanced renewable fuel volumes for 2023 and beyond.
**World food prices dropped in May, the second-straight monthly decrease after hitting a record high in March.
The U.N.’s Food and Agricultural Organization says while overall prices dipped, the cost of cereals and meat both rose during May.
While the average did drop month-to-month, the May index was still 22% higher than in 2021.
In the cereal supply and demand estimates, the FAO expects global cereal production would drop in the 2022-2023 season for the first time in four years.
