Orange juice prices soar to record highs as recent hurricanes plunge Florida's expected production haul to lowest since the 1930s
concentrate have soared 30% so far this year to $2.62 per pound and are on a 12-day winning streak. That's the longest streak since 1967, according to Bloomberg. Orange juice futures are up 87% from a year ago, when they traded at about $1.40 per pound. will fall to its lowest level since the 1930s, as Hurricane Ian dealt extensive damage to orange groves across Florida last year. The drop in supply comes as orange farmers were still recovering from the devastation of Hurricane Irma in 2017.
According to the USDA, Florida orange production will slump 61% in 2023 to 16 million boxes. The total US orange harvest is expected to fall 23% to 63 million boxes. The boxes can vary in weight but are typically measured as 90 pounds to one box. Florida orange production has plummeted more than 90% from the peak seen in the late 1990s. But as supply falls and prices rise, demand for the drink will likely also take a hit, as consumers tend to be less willing to shell out the big bucks for orange juice
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