Agents in the global citrus market have been concerned about two recent events: Hurricane Idalia, which hit Florida in late August and the release of orange juice inventories at Brazilian processors. The latter, according to CitrusBR, are currently at the lowest levels since the beginning of the series, twelve years ago.
According to CitrusBR, on June 30th, 2023, when the 2022/23 season ended, the ending stocks of Frozen Concentrate Orange Juice (FCOJ) Equivalent totaled 84.745 thousand tons, 40.7% lower than that at the end of the previous season and 39.5% below that estimated by CitrusBR in August last year.
These figures have raised concerns about the world supply of orange juice. The output in the current season (2023/24) is not forecast to be high and may not be enough for a recovery in the volume stocked by Brazilian processors.