(FRESH FRUIT PORTAL) – Citrus disease and bad weather are constraining supply of oranges in the United States and internationally. Meanwhile, demand for orange juice – which has been sliding for years – got a bump during the pandemic, CNN reports.
That has sent orange juice prices higher during the pandemic, and they will probably continue to climb: Frozen orange juice futures have surged more than 50% during the pandemic, and they rose to a two-year high last week — soaring 5% alone Thursday.
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"You have your classical supply-demand mismatch," said Shawn Hackett, president of Hackett Financial Advisors, which specializes in agricultural commodities analysis. Because of that, consumers should expect "much higher prices at the supermarket."