{"id":68233,"date":"2024-05-19T16:57:25","date_gmt":"2024-05-19T21:57:25","guid":{"rendered":"https:\/\/olduvai.ca\/?p=68233"},"modified":"2024-05-19T16:57:25","modified_gmt":"2024-05-19T21:57:25","slug":"orange-juice-prices-primed-for-breakout-after-forecast-warns-brazil-set-for-worst-harvest-in-decades","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=68233","title":{"rendered":"Orange Juice Prices Primed For Breakout After Forecast Warns Brazil Set For Worst Harvest In Decades\u00a0"},"content":{"rendered":"
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Orange Juice Prices Primed For Breakout After Forecast Warns Brazil Set For Worst Harvest In Decades\u00a0<\/a><\/h3>\n<\/header>\n
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Breakfast lovers are in for another jolt as orange juice prices surge to near-record levels. A new report released on Friday indicates that\u00a0Brazil, the leading global exporter of OJ,\u00a0is facing its worst harvest in over three decades.\u00a0This alarming development compounds existing issues in Florida’s citrus groves, which have\u00a0been plagued\u00a0by disease and are experiencing\u00a0collapsing\u00a0production<\/a>\u00a0levels to the lowest in decades.<\/p>\n

Fundecitrus<\/a>\u00a0wrote in a note that Brazil will produce\u00a0232.4 million boxes\u2014each weighing about 90 pounds\u2014for the growing season this year. That’s a 24% collapse from a year earlier and the lowest production levels in 36 years.<\/p>\n

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“Excessive heat\u00a0brought stress to\u00a0orange trees during a crucial period of flowering and early fruit formation between September and November last year. Further hurting output is an increase in citrus greening, a disease that causes fruit\u00a0to prematurely drop from trees,” Bloomberg wrote, commenting on the report.<\/p>\n

The report sparked additional fears about a worsening global OJ shortage.<\/p>\n

In markets, prices of\u00a0concentrated OJ futures in New York surged as much as 5% on Friday, closing up about 3% to $394 and only 8% off the record high of $425.<\/p>\n

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Sliding production in Brazil could soon impact US retail prices at the supermarket,\u00a0considering Florida has yet to stage a\u00a0significant comeback in production.<\/p>\n

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In the last year, the US has\u00a0ramped up imports<\/a>\u00a0of OJ from Brazil to mitigate losses in Florida.<\/p>\n

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Don’t worry. Federal Reserve Chair Jerome Powell has everything under control on the food inflation front, as\u00a0the prices of OJ, coffee, eggs, and cocoa have hyperinflated<\/a>.<\/p>\n

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Watch OJ futs in NY into the new week.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Orange Juice Prices Primed For Breakout After Forecast Warns Brazil Set For Worst Harvest In Decades\u00a0 Breakfast lovers are in for another jolt as orange juice prices surge to near-record levels. A new report released on Friday indicates that\u00a0Brazil, the leading global exporter of OJ,\u00a0is facing its worst harvest in over three decades.\u00a0This alarming development […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4],"tags":[3262,1784,34605,1144,34606,33297,4318],"class_list":["post-68233","post","type-post","status-publish","format-standard","hentry","category-economics","category-environment","tag-disease","tag-exports","tag-food-productionprice-inflation","tag-heat","tag-oj-production","tag-orange-juice","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68233"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68233\/revisions"}],"predecessor-version":[{"id":68234,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68233\/revisions\/68234"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}