Here’s something we haven’t received for awhile: Some positive crop news. We assume you are reading this from some kind of craft beer fallout shelter after our barley panic watch post last week, but growers of everyone’s favorite beer ingredient are here to soothe nerves. The most recent global hop harvest was a good one — the highest in seven years.
The International Hop Growers say that global production is set to rise 21 percent to 232,459,818 pounds. That sharp rise speaks both to last year’s worrisome harvest as much as this year’s agricultural success. The Pacific Northwest in particular is showing a 20 percent gain on a 13 percent increase in acreage.
This should hopefully help ease some of your budget concerns. From the Financial Times:
Last year’s supply shock hit a hop market where prices for popular hops have doubled over the past five to six years to about $8 to $10 a pound, with some scarce varieties commanding $30.