Global citrus production sinks due to climate and a bacterial plague

Published 2023년 12월 11일

Tridge summary

Rising olive oil prices have consumers preparing for a possible increase in citrus fruit prices, particularly oranges. Factors such as climate change, hurricanes, and a deadly bacterial disease are contributing to a shortage and high prices in the citrus fruit market. The United States, Brazil, and Mexico have all experienced reduced harvest forecasts, and there is concern that the disease affecting citrus fruits could spread to Europe, potentially devastating national production.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Nightmare in the supermarket. It is not the title of a Christmas movie, but the harsh reality. Consumers are still assimilating the rise in olive oil prices and have to prepare for another possible shock, which this time affects citrus fruits and oranges in particular. Although it has not yet been noticed on the shelves thanks to the resilient national production, the situation is hostile. In international markets, Chicago-traded orange juice futures (concentrated and frozen) have soared this year. It is the most profitable investment of 2023, side by side with bitcoin. After the correction of the last few weeks, the gains are still around 80%. Prices are at historic highs (since 1966) and have tripled in two years. The perfect storm has two defined causes. Climate change due to the El Niño phenomenon and hurricanes (Ian and Nicole) have affected crops. And the arrival of a plague, through a bacteria that affects the quality of the fruit, and can kill the affected tree in a few ...

Source: La Vanguardia