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Orange juice heads for longest rally since 1991 due to frost risk

Orange juice futures are heading for the longest winning streak in more than 30 years as frost is threatening groves in the top supplier state, Florida. At the moment, readings are expected between the upper 20 and low 30-degrees Fahrenheit. Trees must be exposed to temperatures near 28 degrees or below for four hours or more to cause major damage. According to Donald Keeney, meteorologist with Maxar Technologies Inc, the northern fringes of the citrus belt will be the coldest.

Stockpiles have plunged and output is down in other key producing areas besides Florida. California, which produces mostly for the fresh fruit market, is also expected to see a decline this season, as is Texas. Overall, US orange production will fall 11 per cent from a year earlier, and 25 per cent from two years ago.

Source: bnnbloomberg.ca


Photo source: Dreamstime.com

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