Orange Juice Prices Surge to Record $476 Amid Adverse Weather in Brazil

May 29, 2024, 09:35 AM

Orange juice prices have surged to record highs, reaching $476 per pound, driven by adverse weather and crop diseases in Brazil, the world's largest exporter. Concentrated orange juice futures hit $4.92 per pound, almost double the price from a year ago. On January 1, 2023, prices were at $207 per pound. The price increase has prompted manufacturers to explore using mandarins as an alternative. The Financial Times reports that these shortages and rising prices may fundamentally reshape the global orange juice industry, with consumers potentially switching to other fruit juices.