Louisiana was holding its breath when Hurricane Gustav made landfall last week. It promised to be the mother of all storms as it roared towards the Gulf Coast but fortunately the region, along with the food industry it supports, was spared.
Sugar, coffee and other industries based in Louisiana under threat from Hurricane Gustav could breath a sigh of relief today as they appear to have escaped a pounding.
Having largely escaped the wrath of Hurricane Katrina and
vigorously strengthened its position in the pectin, lecithin and
flavor sectors, Cargill has reported a two percent rise in first
quarter 2006 net earnings.
Record high gasoline prices and the impact of Hurricane Katrina are
leading large numbers of consumers to change how they shop and
spend, says a market research firm.
Hurricane Katrina could dampen real gross domestic product (GDP)
growth in the second half of the year by up to one percentage
point, according to the Congressional Budgetary Office (CBO).
Refined sugar giant Imperial Sugar has announced a return to
operations at its Gramercy, Louisiana plant following the
devastation wrought by Hurricane Katrina.
The terrible human cost of Hurricane Katrina is likely to be
prolonged following initial estimations of the damage caused to the
city's food industry and transport infrastructure.