Robert Besser
22 Jan 2022, 00:25 GMT+10
WASHINGTON D.C.: The U.S. Department of Agriculture (USDA) has said that this year's orange crop will produce a smaller yield for the second consecutive year, with orange production across Florida down 3 percent this winter, one of the lowest levels of production in more than 75 years.
Accounting for more than 70 percent of total U.S. production and more than 90 percent of the nation's orange juice, Florida is expected to produce 44.5 million 90-pound boxes of oranges during the current season, 1.5 million boxes less than the most recent prediction in December.
Since the start of the year, the price of orange juice has increased 5.26 percent, or $7.70 per pound.
Florida last produced so few boxes during the 1944-45 growing season, when it recorded a yield of 42.3 million boxes of oranges.
According to the Florida Department of Citrus, this year's low yield was caused by an outbreak of citrus greening, an incurable plant disease spread by insects, which has wreaked havoc on Florida groves since it was first detected in 2005, reported the Wall Street Journal.
After recent years when Americans have chosen drinks that contain less sugar, COVID-19 lockdowns have fueled demand for orange juice.
Before the lockdowns in February 2020, orange juice futures were trading at 10-year lows, but by the middle of the next month sales surged by 10 percent.
However, a surplus of orange crops in foreign markets, such as Brazil and Mexico, will help offset domestic shortages, predicts the USDA.
Due to rising levels of inflation not seen in four decades, Americans are already paying more for goods and services, with consumer prices increasing by 7 percent for the year ending in December, according to federal statistics.
Get a daily dose of Atlanta Leader news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Atlanta Leader.
More InformationZURICH, Switzerland: In one of the largest legal awards ever against Credit Suisse, the bank was ordered to pay $926 ...
DETROIT, Michigan: Amid broader global concerns over semiconductor chip supplies, sanctions and national security, Chinese commerce minister Wang Wentao said ...
WASHINGTON D.C.: The White House announced this week that President Joe Biden has chosen US Air Force chief General Charles ...
GUAM: After Typhoon Mawar brought strong winds and torrential rains, large areas of the US Western Pacific territory of Guam ...
NEW YORK CITY, New York: In one of the largest known Chinese cyber-espionage campaigns against American critical infrastructure, a state-sponsored ...
SAN FRANCISCO, California: Sam Altman, CEO of ChatGPT-maker OpenAI, has said the company could consider leaving Europe if it could ...
WARSAW, Poland: Plans are underway in Poland to gradually raise the minimum wage twice in 2024. The wage plan has ...
BEIJING, China: China will put into commercial operation its first large passenger airliner, in a bid to challenge western plane ...
FRANKFURT, Germany - With U.S. and UK. markets closed for public holidays, it was left to European and broader global ...
NEW YORK CITY, New York: The Verge has reported that Verizon Communications met with more than 6,000 customer service employees ...
WASHINGTON D.C.: In response to a safety warning issued by the US National Highway Traffic Safety Administration, Vietnamese electric vehicle ...
NEW YORK CITY, New York: Electric truck manufacturer Nikola Corp said that Nasdaq has delivered a delisting notice for not ...