Several processors and dealers have all forwarded the information that Florida’s crop is off by 50%. Extent of tree damage is still not finalized. Some indications are that Brazil’s production will help fill the shortfall, but time will tell the accuracy of this estimate.
As of this writing, total damage to Florida’s Orange and Grapefruit crops has not been established. Estimates on Orange run anywhere from 30% to 75% of crop damaged while Grapefruit seems to have survived better. It will take some time before actual figures are in though it is safe to say that yield, which was originally greater than last year’s 68 million boxes, will be significantly lower.
Reports continue to advise that the Brazilian crop will be quite large. Good weather conditions have led to a large amount of fruit becoming available. With reports of unfulfilled contracts that need to be satisfied, prices may not soften as much as some might hope. It appears that the major processors have not yet made any offers. Prices have eased slightly.
The major growing region has experienced poor weather. Prices have firmed and are expected to remain so for the foreseeable future.
Reports indicate that the upcoming Brazilian Crop is much larger than last year’s. Prices have started to ease for both in an attempt to reduce high priced inventories before pricing for the new crop is set.
Prices continue to firm.
There seems to be no high that cannot be surpassed for these products. Prices continue to climb as there does not appear to be any relief soon.
Prices have continued to firm on indications that Florida’s crop will be smaller than anticipated. Prices and availability are not expected to ease.
Prices continue to firm for both Oil and Terpenes. This situation is expected to carry over into 2017.
Reports from Brazil indicate that sellers are keeping prices firm. There is no relief from Florida. We expect this to continue until the 2017 crops and are doubtful that prices will ease much even then.
Situation unchanged. Prices are firm and supply is limited.
At the time of writing, several major consumers of Orange Oil & Terpenes had their procurement teams in Brazil negotiating quantities and pricing for the remainder of 2016. Rumors indicate that pricing is still very firm. With offers from Brazil lacking, we expect prices to be firm through the end of 2016.
The April report from the US Department of Agriculture indicated that this year’s crop will be 78 million boxes, some 22% less than in 2014-2015. Reports from Brazil show that major producers are not offering Oil. Prices continue to firm.
The dual influences of Citrus greening and waning demand for Orange Juice have kept prices firm. One broker reports that offers from source are only against specific inquiries, confirming the lack of availability.
The shortage of supply and rising prices for these two ingredients continues. This situation is likely to persist for the time being.
Prices are nearing record levels as we continue to get bad news from growing regions. Florida’s crop, soon to be over, was the smallest in recent history. With Brazil’s crop not due to finish for several months we expect that supply will not cover normal demand.
Spain, Brazil, California, and Southern Italy have all been experiencing bad weather, leading to reports of large reductions in crop sizes. Argentina, the largest producer, reported a crop 10-15% larger than last year’s, slightly offsetting the losses elsewhere.
One US broker has advised that they have not been able to get offers of any type of Oil from Brazil. The situation in Florida is also dismal. We expect prices to continue to rise.
The December report from the US Department of Agriculture has reduced the total production of Oranges to 49.6 million boxes. This is down from 80 million in October, and 74 million in November. Reports from Brazil state that the new crop will be 220 million boxes, down from last year’s total of 264 million. In line with this deterioration, prices on Oil and Terpenes continue their dizzying climb.
The Department of Agriculture has lowered its monthly projection for the 2015-16 Florida crop from 80 million boxes of Valencia and non-Valencia to 74 million boxes. This puts the total at 75% of last year’s already smaller than usual crop. As reports from Brazil continue to reduce crop estimates, there are currently no offers from major Brazilian processors. Prices continue to firm and there are expectations that they will rise beyond historical highs.
The fact that several major Brazilian suppliers did not participate in this year’s IFEAT conference is a sign of the state of this market. Offers are limited and reports indicate that offered Oil tests at 0.8% aldehyde content. Pricing for Oil and Terpenes continues to firm.