24-12-2024 11:57
Prices of orange juice skyrocket
Something strange is happening with orange juice! It seems this breakfast staple is turning into a luxury item. Who would have thought juice could get this expensive? The price of January’s orange juice futures hit a record high, soaring to $5.32 per pound (453g). It could climb even higher.
Analysts note that prices have been steadily rising, reaching their peak due to fears of a sharp drop in the US orange harvest caused by bad weather. Since the start of 2024, the price of frozen concentrated orange juice (FCOJ) has jumped by more than 45%, with an additional 8% increase in just the last five days.
Looking back over recent years, the surge in orange juice prices is jaw-dropping. In early 2022, frozen concentrate traded at $1.42 per pound. By the start of 2023, it had climbed to $2.02. Midway through last year, prices surged again, hitting $2.73 per pound. By the end of 2023, the price was $2.94, and by August 2024, it had shot up to $5.04 per pound!
This dramatic rise is driven by several factors: poor harvests, extreme weather, and the spread of plant diseases in Brazil, which accounts for 70% of the world’s orange juice production.
It was previously reported that the Moscow Exchange plans to launch trading on futures for coffee and orange juice in the first half of 2025, as both commodities are seeing record-breaking price hikes. This initiative aims to make their prices accessible to a wider range of traders.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Published 24 December 2024
© InstaFintech Group
© InstaFintech Group
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