California Drought: Scenarios for 2014 and 2015

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California is currently entering its third consecutive year of drought. The drought will challenge all agricultural sectors in Califronia in 2014, but many producers should be able to adjust plantings and feed rations in 2014 without severe financial impairment thanks to high commodity prices and producer liquidity. However, if the drought continutes into 2015, growers' financial stress will increase quickly as profitability, liquidity and access to capital could be constrained as a result of even higher water costs and more fallowed acreage yielding fewer crops.


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