Five charts to start your day
Americans may soon be missing their orange juice
As Americans settle in for breakfast, they may find that orange juice, a staple of the morning meal, is conspicuously absent from the table. The price of frozen concentrated orange juice futures, which serve as a benchmark for the industry, has skyrocketed to an unprecedented $4.87 per pound. This marks a staggering fivefold increase from just four years ago.
This alarming surge in prices is the result of a perfect storm of factors that have devastated orange production worldwide.
Brazil, the world's largest orange exporter, responsible for nearly 70 per cent of global supply, has been plagued by three consecutive years of heatwave-induced harvest failures. Meanwhile, Florida, once celebrated for its flourishing citrus industry, has been contending with the relentless onslaught of citrus greening disease, hurricanes, and diminishing yields for over two decades.
As the outlook for the orange industry grows increasingly dire, farmers are turning to alternative fruits like mandarins, apples, and mangoes to bridge the widening supply gap. However, with consumer demand for orange juice showing no signs of waning, it's possible that orange juice in the future may no longer contain any natural juice.
Source: Chartr
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