U.S. orange juice futures have dropped to their lowest ever recorded. Many consumers have begun to turn away from the beverage, as the Wall Street Journal reports only 36.11 million gallons sold in the four weeks that ended July 5. This is a 8.3 percent decrease since a similar period one year ago, according to Nielsen data published Monday by the Florida Department of Citrus.
On Monday, orange juice for delivery in September on ICE Futures U.S. came to 0.4% higher at $1.5320 a pound, sliding 7.6 percent from a two-year high in April. This is a significant increase from the September delivery expected at the end of June at $1.478 a pound, according to Bloomberg.
James Cordier, president of brokerage Liberty Trading Group in Tampa, Florida said, "Orange juice [demand] continues to suffer from all the choices and all the variety that's available at retail. It's just a changing of the times," according to the Wall Street Journal.
Florida, the U.S. citrus grower, produced the smallest crop in 29 years, delivering 104.4 million 90-pound boxes of oranges in the season that ended this month.
The Atlantic hurricane season is also expected to further the drop in sales, as past storms have damaged groves and caused prices to soar.
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