Bloomberg — The US is buying a record amount of Brazilian orange juice to make up for lost production from Florida.
Shipments from the South American country surged to a record in the 12 months ended in June, according to industry group CitrusBR, which began tracking the data in 2005. The jump — a 55% increase from a year ago — came after Hurricane Ian and a citrus-killing disease devastated Florida’s orange crop, cutting it to the smallest in over eight decades.
Demand for Brazilian juice should remain strong for the next 12 months, said Ibiapaba Netto, executive director at CitrusBR. “Even if the next Florida crop shows some slight recovery, production levels are already set to be very low,” he said.
Tight global supplies have lifted orange juice futures trading in New York near record highs, likely keeping costs to consumers elevated.
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