Orange juice prices soared to record highs as the prospect of limited production in the US, Brazil and Mexico boosted investor interest in the product.
Citrus growers and consumers in the US are crossing their fingers in anticipation of the next harvest.
And this, because the previous one was disastrous. It was ravaged by the so-called yellow dragon disease (Huanglongbing or HLB) as well as the typhoons that hit the orange groves, resulting in a dramatic reduction in stocks and a spike in prices to historically high levels.
More specifically, these are the highest levels since contracts began trading in New York in 1966, as the prospect of limited output in the US, Brazil and Mexico boosted investor interest in the commodity.
In particular, it has risen by +90% in one year and is due to the disasters in Brazil where 75% is produced.
What is happening in Greece?
Greece imports 9,143 tons per year from:
– Brazil
– Netherlands
– Belgium
– Italy
The price of oranges is soaring
This year, the price of oranges cannot be ruled out to even exceed 2.5 euros per kilo.
The reduction in production both in Europe due to severe drought and high temperatures and in South America due to diseases that have affected the trees are intensifying fears of a shortage of the product and, by extension, an increase in the price.
Source: OT
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