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.
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.