London, Tuesday, 18 October 2022
The price of orange juice rose to over $205 USD/Lb, pushing it to a nearly 6-year high as the full scope of storm Ian's damage becomes apparent.
According to a preliminary estimate published by the University of Florida, Florida's agricultural industry suffered losses ranging from $787 million to $1.56 billion.
The crop production will be 28 million boxes, which will be the lowest since World War II and a 32% decrease from the prior year. The total food insecurity caused by geopolitical unrest around the world adds to price pressures.
(Report by: The Decision Maker – Finance editors)