Florida orange growers are reportedly harvesting a shrinking amount of the crop, now at its lowest in almost 90 years. As a result, prices for OJ are increasing. Here’s why:
The 18 million boxes of oranges reportedly would be less than half of the size of oranges produced in 2022. WSJ reported it’s a 93% decline from when the producing oranges in Florida were at its peak in 1998.
Short supplies of oranges in Florida have caused the prices of frozen concentrate orange-juice futures to rapidly increase. The price of juice at grocery stores imported from Brazil and Mexico is at an all-time high.. “Prices are justified to be high, yet that also limits demand.”
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