28.09.2023, 12:27
Orange juice has risen in price on a record
Source: OREANDA-NEWS
OREANDA-NEWS Futures for frozen orange juice concentrate on Wednesday, September 27, on the ICE Futures U.S. exchange rose by five percent, to $ 3.69 per pound. This has become a historical record, CNBC reports.
The cost increased by 13 percent in a month and by almost 78 percent in a year. At the close of trading on September 27, futures were trading at $3.58 per pound.
The background for the price increase was concerns about crop failure in the United States. Last year, the state of Florida, the key place of juice production in the country, was hit by hurricanes, which caused the harvest to fall to the lowest level in almost 80 years. Supplies were also negatively affected by the freeze at the end of last year.
In July, the U.S. Department of Agriculture said that only about 15.9 million boxes of oranges are expected to be produced in Florida this year — 70 percent less than in the 2020-2021 season.
Other major producers of orange juice concentrate — Brazil, Mexico and Spain - also faced difficulties. In this regard, the director of the Association of Fruit Juice Producers in Germany, Klaus Heitlinger, predicted a shortage of orange juice to the world.
The cost increased by 13 percent in a month and by almost 78 percent in a year. At the close of trading on September 27, futures were trading at $3.58 per pound.
The background for the price increase was concerns about crop failure in the United States. Last year, the state of Florida, the key place of juice production in the country, was hit by hurricanes, which caused the harvest to fall to the lowest level in almost 80 years. Supplies were also negatively affected by the freeze at the end of last year.
In July, the U.S. Department of Agriculture said that only about 15.9 million boxes of oranges are expected to be produced in Florida this year — 70 percent less than in the 2020-2021 season.
Other major producers of orange juice concentrate — Brazil, Mexico and Spain - also faced difficulties. In this regard, the director of the Association of Fruit Juice Producers in Germany, Klaus Heitlinger, predicted a shortage of orange juice to the world.
Комментарии