California Grapes Removed and Gas Prices Jump Higher
From the Ag Information Network, this is your Agribusiness Update.
**A once-in-a-generation downturn in the wine market is reshaping California’s grape growing regions as farmers tear out vines to reflect declining demand.
Throughout the winter, bulldozers have plowed through Lodi’s wine country, leveling vineyards and piling mangled vines alongside Highway 99 in San Joaquin County.
Thousands of acres have been removed or are slated for removal, according to an ongoing survey of Lodi District Grape Growers Association members.
**Following a down week, the nation’s average gas price climbed ten cents last week, according to GasBuddy.
The national average is up 22 cents from a month ago but 3.2 cents lower than a year ago.
The average DIESEL price fell 2.7 cents and stands at $4.03, 33 cents lower than a year ago.
GasBuddy's Patrick De Haan says the trend is hardly surprising as we make the first steps toward summer.
**The Purdue University-CME Group Ag Economy Barometer rose modestly in February posting a reading of 111, five points higher than January.
The modest rise was attributable to producers expressing somewhat more optimism as the Future Expectations Index rose seven points to 115.
The Current Conditions Index was unchanged at 103.
Meanwhile, February’s Farm Financial Performance Index of 85 was one point lower than January and 13 points below December’s recent peak.
