US: Farmers Rushed Into Hemp. Now They Face a Glut. - - PressFrom - US
  •   
  •   
  •   

US Farmers Rushed Into Hemp. Now They Face a Glut.

05:15  01 december  2019
05:15  01 december  2019 Source:   online.wsj.com

Zion Williamson’s knee surgery was six weeks ago today, he has not begun on-court work

  Zion Williamson’s knee surgery was six weeks ago today, he has not begun on-court work Gentry said the Pelicans will be "overly cautious" in bringing Williamson back.

Now They Face a Glut . Prices for the crops are falling, and some growers are struggling to unload their product. CYNTHIANA, Ky.—Tony Ockerman, a fourth-generation farmer hoping to diversify his crops by adding hemp , said his first harvest this year turned out well after plenty of trial and error.

Farmers Rushed Into Hemp . Now They Face a Glut .

CYNTHIANA, Ky.—Tony Ockerman, a fourth-generation farmer hoping to diversify his crops by adding hemp, said his first harvest this year turned out well after plenty of trial and error. But he is struggling in one key respect: finding buyers.

a man that is standing in the dirt© Andrea Morales for The Wall Street Journal

Hoping to capitalize on surging demand for cannabidiol, or CBD—a derivative of hemp or marijuana that proponents say has numerous medical benefits—Mr. Ockerman invested about $100,000 to grow 30 acres of the plant. Unlike some farmers who secured contracts with buyers ahead of the growing season, he rolled the dice.

“We’re just free-birding it, raising it and seeing what happens,” said Mr. Ockerman, 61 years old, who also grows hay and tobacco on an additional 520 acres in Chaplin, Ky., southeast of Louisville. “There’s just a lot of hemp out there. It’s overproduced.”

Tales from the NFL: Dickerson's record run in his own words

  Tales from the NFL: Dickerson's record run in his own words The NFL is celebrating its 100th season, and there are many behind-the-scenes stories still to be told. ———

Patrons who commissioned art works that critics now deem outstanding have not always taken this view of the results. Quite likely, Leonardo da Vinci’s portrait of Lisa del Giocondo remained in the Farmers Rushed Into Hemp . Now They Face a Glut . De Beers Diamonds Reflect a Changing Market.

Farmers across the United States have been rushing into hemp ever since President Donald Trump signed the Farm Bill into law in December. "Right now , CBD is the hot commodity and is a significant driver of the market and profit for farmers . But as an agricultural crop, hemp has significant market

Get fresh news and exclusive analysis on politics, policy, national security, regulation and more, delivered right to your inbox

A rush of farmers seeking to grow hemp, which became legal to cultivate in the U.S. last year, is creating a glut, damping prices and leaving some farmers struggling to unload their product. It is among the growing pains in the nascent industry for hemp-derived products—a potentially lucrative market, but one beset by regulatory uncertainty, financing constraints and other challenges.

“This is a crazy, rapidly growing industry where you have to figure things out as you go,” said Bethany Gomez, managing director of Brightfield Group, a market-research firm focused on the CBD and cannabis markets.

Senate confirms Brouillette, former Ford lobbyist, as energy secretary

  Senate confirms Brouillette, former Ford lobbyist, as energy secretary The U.S. Senate on Monday confirmed Dan Brouillette, a former top lobbyist for Ford Motor Co who believes fossil fuels will power a large part of world energy needs for many decades, as President Donald Trump's second energy secretary. The Republican-controlled Senate confirmed Brouillette 70-15. Brouillette will replace Rick Perry, who stepped down on Sunday while at the center of Trump's impeachment probe in the U.S. House of Representatives for his role as one of the "three amigos" who ran a side foreign policy in Ukraine, under Trump's personal lawyer Rudy Giuliani.

Farmers Rushed Into Hemp . Now They Face a Glut . De Beers Diamonds Reflect a Changing Market.

Farmers across the United States have been rushing into hemp ever since President Donald Trump signed the Farm Bill into law in December. The legislation removed hemp from the government's controlled drug category, triggering a surge in demand for cannabidiol, or CBD

Hemp—which is the same plant species as marijuana, but with a minimal amount of the psychoactive compound in pot—was farmed legally in the U.S. until a 1937 federal law began a period of hemp prohibition. It became legal again because of a provision of the 2018 federal farm bill.

The plant can be used to make a range of products, from body lotions to construction materials. Today, it is mostly grown for CBD, which is used to treat seizures, pain, anxiety and other conditions. But CBD has a murky legal status. While the farm bill made CBD legal under certain circumstances, it is subject to regulation and varying state laws. The Food and Drug Administration has approved just one drug containing CBD and recently raised concerns about the safety of some CBD products.

The projected growth of the CBD market has enticed farmers looking for more-profitable alternatives to crops such as corn and soybeans. Growers in 36 states planted hemp this year, with the largest production in states such as Colorado, Oregon and Tennessee, according to Brightfield Group. Acres of cultivated hemp in the U.S. surged to more than 285,000 this year from 78,000 in 2018. That is still a fraction of other crops: Soybeans, for instance, are planted on about 75 million acres this year.

French Montana released from hospital after two weeks

  French Montana released from hospital after two weeks French Montana was put on one month of bed rest after his hospital stay.According to TMZ, the rapper was released from the West Hills Hospital earlier this week after suffering stomach and cardiac issues. He also reportedly had an elevated heart rate.

Farmers Rushed Into Hemp . Now They Face a Glut . Politics. Nadler Sets Deadline for White House to Participate in Impeachment Probe.

As Farmers ’ Markets Go Mainstream, Some Fear a Glut . At the Wednesday farmers ’ market in Florence, shoppers perused plum peppers, freshly cut sunflowers, jars of homemade pickles and fragrant bunches of basil, rushing them into cars before a midafternoon thunderstorm.

The increased cultivation has contributed to a decline in prices, market analysts say. Wholesale prices for biomass, or harvested plant matter, used for CBD production fell between 42% and 53%, depending on the volume sold, between April and October this year, according to New Leaf Data Services LLC, a market-data firm.

Joel Haynes, a 56-year-old farmer near Jackson, Tenn., said he is still working on nailing down buyers for his first crop of hemp on 120 acres. He said some hemp farmers are facing pressure from buyers trying to low-ball them because of the large supply of product.

“They’re saying, ‘You better take this price because the market’s fixing to crash,’ ” Mr. Haynes said.

He also hit snags because he was unfamiliar with the plant. The seeds he used from the Western U.S. didn’t grow easily in the Tennessee soil, pests proved to be a problem and the whole effort required significant manual labor.

“I had a huge learning curve,” Mr. Haynes said.

Hemp farmers and processors—companies that turn the plant material into CBD oil, textiles and other products—face other challenges, including regulatory uncertainty. They are adapting to interim rules released in October by the U.S. Department of Agriculture that established licensing, record-keeping and testing requirements. And they are awaiting additional guidance from the FDA on CBD products.

Police: Thanksgiving Road Rage Attacker Stabs Driver On Long Island, Still On The Run

  Police: Thanksgiving Road Rage Attacker Stabs Driver On Long Island, Still On The Run Detectives with the Suffolk County Police Department say the suspect was driving erratically on Wading River Road in Manorville; trying to pass other vehicles Thursday afternoon. Authorities tell CBS2 when the suspect tried to pass his victim’s car near the intersection of South Street – leading the other driver to think his car had been struck. When the victim pulled into a parking lot to check his car, the suspect followed him, got out of his vehicle, and stabbed the man in the stomach. Police are still looking for that road rage attacker, who fled the scene around 2:30 p.m.

Canadian hemp industry faced many obstacles after legalization. Crew is cautious about growing hemp in a new market, because he Excited by a new crop and its potential to revive Canadian agriculture, many farmers rushed into hemp growing without a buyer lined up in advance

Think of a numberEurope’s banks face a glut of new rules. Ten years after the financial crisis, the regulatory revolution continues. They may allow them access through their online customer interfaces. Or they can build dedicated interfaces into which the newcomers can plug their applications.

Farmers and processors also have limited access to traditional lending, said Ryan Quarles, Kentucky’s agriculture commissioner. That is in part because banking institutions hesitate to do business with a new industry associated with cannabis until regulations clarify that they can do so safely, he said.

Atalo Holdings Inc., a maker of CBD products in Winchester, Ky., lost expected funding from some investors earlier this year. As a result, the company sent a letter to the roughly 80 farmers it buys from, saying they were free to sell to other purchasers if they could find them.

“Our intention is to pay all the farmers in full,” Chief Executive William Hilliard said.

Some disputes in the industry have triggered litigation. In September, hemp company Elemental Processing LLC sued HP Farms LLC, based in Troutdale, Ore., for $44 million in a contract dispute, according to court documents. Elemental, based in Lexington, Ky., accused the Oregon company of providing it with seeds that weren’t feminized—those that spawn female plants, which are used for CBD production—resulting in ruined crops.

HP Farms responded in a court filing that the contract didn’t guarantee seeds would be feminized and asked for $3.7 million in damages. The case, in state court in Multnomah County, Ore., is continuing.

Despite hitches, Alex Barnett, a 52-year-old farmer in Cynthiana, said he plans to keep growing hemp, likely increasing the acres dedicated to the plant to 300 next year from 200 this year. He has a contract with a nearby processor, AgTech Scientific, and aspires to net $2,000 an acre of profit.

“I think it will be viable,” Mr. Barnett said. “We’ll have to weed out the people wanting to make a quick buck.”

Write to Arian Campo-Flores at arian.campo-flores@wsj.com and Cameron McWhirter at cameron.mcwhirter@wsj.com

2 Arrested After Deadly Shooting In Boston .
A man died after a shooting early Saturday morning in Boston. Police said two people have been charged in connection with his death.© Provided by CBS Broadcasting Inc.The shooting occurred on Canal Street near the T.D. Garden around 2 a.m. According to police, the injured man was rushed to the hospital where he was later pronounced dead.“The suspect motor vehicle was observed fleeing the scene by officers on directed patrol in the area,” police said. Officers pulled the car over and “during the traffic stop, a firearm was recovered and upon further investigation, the following suspects were arrested.

—   Share news in the SOC. Networks

Topical videos:

usr: 220
This is interesting!