Per Business Insider
Prices of orange juice reach an all-time high at a 30% increase year-to-date
2/20/2023
Recent hurricanes have resulted in the prices of orange juice skyrocketing by 30% year-to-date. The US Department of Agriculture expects 2023 orange production to drop to its lowest point since the 1930s as Hurricane Ian greatly affected Florida in 2022.
US consumers especially felt the increase of prices in certain goods like eggs, which rose to a whopping almost $10 per dozen for shoppers in Hawaii, representing a massive 51% rise in December, noted in another article by BI. The prices of orange juice, another food that appears mostly during breakfast, have risen.
Orange juice concentrate-tied futures contracts saw a massive 30% rise this year, increasing the number to $2.62 per pound. Per Bloomberg, it reached a 12-day winning streak, which was the highest recorded since 1967.
Compared to 2022, orange juice futures are up by 87%. This came as Hurricane Ian hit Florida in 2022, which affected the supply of oranges.
Orange farmers, who were still recovering from Hurricane Irma's visit in 2017, had not yet bounced back when they had to deal with Hurricane Ian. USDA saw a 61% slump in orange production in 2023, down to just 16 million boxes.
The drink is expected to take a hit as supply falls, which could affect its demand, according to the report. It was also noted that consumers were less willing to spend on orange juice than other products like coffee.
In January of this year, egg smuggling reached a record high at 108% at the US-Mexico border as the prices of eggs saw a massive increase. US Customs and Border Protection field operations director in San Diego, Jennifer De La O, reported an increase in egg smuggling, which could result in fines of up to $10,000 for failure to declare the agricultural items.
In December 2022, it was also reported that 70% of Americans struggle to afford groceries amid food inflation.
See flow at unusualwhales.com/flow.
Other News:
- Egg smuggling is up 108% at the US-Mexico border in the last 3 months of 2022
- Around 70% of Americans Reportedly Suffer from Food Inflation and Now Struggle to Afford Groceries
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