Orange juice futures are reaching record highs because of bad weather and the effects of citrus greening. In recent weeks, prices in the OJ futures market have topped $3 per pound. Around this time last year, prices were hovering at around $1.81 per pound. The price increase has been fueled primarily by short citrus supply around the globe.
In Florida, which typically produces most of the orange juice consumed in America, Hurricanes Ian and Nicole in the fall of 2022, plus a late freeze later that year, devastated crops already thinned by citrus greening.
Late last year, the US Department of Agriculture predicted that in the 2022-2023 season, Florida was expected to produce 20 million boxes of oranges — a 51% decline from the prior year, and the smallest amount produced since the 1936-1937 season.
Source: edition.cnn.com