Exchange trading on October 15 on ICE Futures U.S. demonstrated an unprecedented jump in prices for frozen orange juice futures. For the first time in history, the price reached 5,1 USD per pound (about 11,24 USD per kilogram).
This was reported by snob.ru.
The next day of trading showed a slight decline to 4,93 USD per pound (10,85 USD per kilogram), down 0,81% from the record high. However, the overall price increase over the last three trading sessions was an impressive 11%.
According to Bloomberg, the key factor in the sharp rise in prices was the devastating hurricane “Milton”, which hit the US East Coast in October. The natural disaster caused serious damage to production, forcing manufacturers to significantly reduce production volumes.
Industry expert Judy Gaines estimates that the storm could cause more than 3 million boxes of oranges to be damaged, threatening to make the upcoming Florida harvest the smallest in a century.