Orange juice futures have nearly doubled over the last year, which has led to price increases at stores.
Florida will produce 16 million 90-pound boxes of oranges, which is a 61% drop compared with last season, when 41 million boxes were produced. The fall is drastic compared to the '90s, when Florida produced 200 million boxes per year.Alex Escobar picks oranges from a tree in one of the Peace River Packing Company groves, Feb. 1, 2022, in Fort Meade, Fla., and earlier this year the agency predicted that would increase to 7.1%.
After months of sticker shock at the store and consumer complaints of skyrocketing prices on products likeIn this photo illustration, orange juice is poured into a glass.-- contracts to buy and sell OJ -- have nearly doubled over the last year to $2.32 per pound, which has led to price increases at stores.
Earlier this year, fresh orange juice, not from concentrate, hit $10 a gallon, and juice from concentrate hit $6.27 per gallon.Florida farmers have observed the spread of the huanglongbing bacterium, known worldwide as "HLB," the bacterium causes one of the most devastating citrus diseases called "greening."
While Florida has long been the top purveyor of orange juice in the U.S., Brazil leads as the top global exporter for orange juice. Shipments from Brazil are up by 58% so far this season, as first reported byThe damage sustained during hurricane season after Category 4 Ian slammed central Florida's citrus groves in September further set back production and yield.
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