The U.S. Agriculture Department's chief economist told the news service that consumption of orange juice has dropped because of competition from other drinks and juices. The commodity has seen its futures plunge 36 percent from late January, when they were worth roughly $2.2695 per pound.
"This market has nothing bullish going for it," president Michael Smith with T&K Futures and Options in Florida told the news service. "Demand is weak, and unless we get a huge weather event, this market could go down to $1 by the end of the year."
Reuters reports orange juice futures scraped their lowest price since September of last year on Monday.
Analyst Jack Scoville with the Price Group said the commodity is in plentiful supply and this week does not project to hold that much upside.
The commodity's sharp climbs earlier this year were due to findings of a fungicide that is banned in the U.S., but not in Brazil, in imports from that country.
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