FAST FIVE: Orange Juice Prices Could "Increase Substantially" As Hurricane Pummels Florida's Top Citrus Grow Region
Orange Juice Prices Could “Increase Substantially” As Hurricane Pummels Florida's Top Citrus Grow Region Hurricane Tropical Storm Ian could soon drive up orange juice prices at the supermarket as the powerful storm tears through the central-southwest part of the state where large citrus groves reside.
It could be the the final straw for some Florida growers,” said Raymond Royce, executive director at Highlands County Citrus Growers Association in Sebring, Florida. November orange juice futures contracts are trading as high as $1.90 per pound Thursday morning and have risen 7% since Monday.
But landfall was about two hours south near Fort Myers, suggesting more widespread damage to citrus crops. “The only problem is that as much as the crop could be blown off the trees, the high prices and tighter supply will also shrink demand,” said Judy Ganes of J Ganes Consulting. To get an idea of where the storm made landfall and top producing citrus counties in the state, the US Department of Agriculture's map is an eye opener of the severe damage that could've hit citrus groves (there are still no official crop damage reports but assessments should be underway). Notice the many citrus producers in south-central Florida – Polk, Hardee, Highlands, DeSoto Counties – and that is where #HurricaneIan is going next.
pic.twitter.com/jZ8h8jmK5x – Craig Ceecee (@CC_StormWatch) September 28, 2022 The University of Florida estimated that 375,000 acres of citrus could be impacted.
https://t.co/JOZdvRrQhW – Missouri Farm Bureau (@MOFarmBureau) September 29, 2022 Combine the storm's potentially devastating blow to an industry already suffering from citrus greening, and Florida Republican Senator Marco Rubio laid out to CNN about the disaster ahead: “The citrus industry in Florida is already teetering on the brink because of citrus greening.