Latest news with #KCRA3News
Yahoo
14-07-2025
- Business
- Yahoo
400 tons of apricots could rot after a buyer bailed on these California farmers — this is their last hope
The orchard branches are weighed down with apricots, but what looks like a bountiful harvest is causing massive strain for Fantozzi Farms. The farm based in Patterson, California was on track to sell its apricot harvest to its usual buyer. But days before harvest, the deal unexpectedly collapsed. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it 'They buy our crop each year, and this year things were progressing along as normal,' co-owner Denise Fantozzi told KCRA 3 News. 'We were fully intending to sell our entire crop to this company.' The deal was based on a long-standing verbal agreement, but the family soon discovered part of the buyer's company had been sold off and they no longer wanted the crop. Now, the farm is sitting on 400 tons of fresh apricots, roughly 32,000 boxes, with no major buyer in sight. If a buyer doesn't step in fast, hundreds of thousands of dollars could be lost — not just in this season's revenue but in long-term damage to the trees. 'It's pretty devastating actually,' said Fantozzi. The weight of unpicked fruit is already straining the orchard. In some sections, apricots that should've been harvested weeks ago are causing limbs to break. 'It's also going to take several years for the orchard, the trees themselves, to recover,' Fantozzi added. 'We don't have a whole lot of time left. Apricots are very perishable.' Broken branches aren't just a sad sight. They're a financial red flag for farmers and their lenders. It's a long-term productivity hit. Broken limbs mean fewer fruit-bearing branches next year — potentially for multiple seasons. Damage can also invite pests and diseases like bacterial canker. Read more: Americans are 'revenge saving' to survive — but millions only get a measly 1% on their savings. Tree damage isn't just about next year's harvest. Productive orchards are used as collateral in agricultural loans. If the orchard's earnings take a hit, so does its value, which could lead to tighter lending conditions or even demands for more collateral. A recent decline in the income of America's farms is increasing risks to lenders, according to the Federal Reserve Bank of Minneapolis. With high interest rates and slim margins, distressed agricultural borrowers are becoming more common. Many farmers are relying on government support, with over $2.5 billion in aid issued to distressed farm loan holders under the Inflation Reduction Act. For now, Fantozzi Farms is running a last-ditch 'u-pick' program, hoping to get locals to pay a few bucks to pick their own fruit. 'They need 30,000 people to buy boxes of apricots,' Christine Eleria-Fairfax, a customer at the farm, told KCRA 3 News. It's making a dent. The farm originally had 500 tons of apricots to sell, and customers eager to help have taken 100 tons off their hands. 'We have seen customers coming to us from all over Northern California and even as far away as Los Angeles and San Diego,' Fantozzi said. But the clock is ticking, and a major buyer still hasn't appeared to take care of the lion's share of the harvest. Fantozzi Farms is also donating some of the fruit to food banks. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid? Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Money doesn't have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Washington Post
03-07-2025
- Washington Post
Seven missing after massive explosion at California fireworks warehouse
A warehouse storing fireworks in Northern California exploded on Tuesday, leaving seven people missing as of Wednesday evening, officials said. Dramatic video footage captured by KCRA 3 News, a Sacramento broadcaster, showed smoke pouring from the building's roof before a massive explosion created a fireball that seemed to engulf much of the warehouse, accompanied by an echoing boom. Hundreds of fireworks appeared to be going off and were sparkling within the smoke. Photos of the aftermath showed multiple destroyed buildings and a large area covered in gray ash.
