Futures prices are almost three times above those of two years ago as crop disease hits yields
Orange juice prices have skyrocketed to all-time highs as severe drought and widespread crop disease have crushed yields in Brazil, the world’s top exporter, leaving soft-drink companies facing a “dire” situation. Concentrated orange juice futures traded on Intercontinental Exchange in New York hit $4.92 a pound on Friday, almost three times higher than prices two years ago, as global supplies of the fruit for juicing plummet.
Some factors, such as beefed-up disease control including more effective use of insecticides, led Fundecitrus to believe that “the rate of increase in the incidence of greening will slow down”, he said. But in many of Brazil’s orange orchards, the damage is already done. Affected trees have lower yields, with productivity decreasing over time as the disease progresses. The fruits also fall prematurely and produce lower-quality juice, said Bassanezi.
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