Hurricane Ian is the latest natural disaster to impact food prices. The storm hitting Florida is already forcing orange juice futures to rise, and it may soon squeeze the country’s fertilizer supply — which could have a far-reaching impact.
Hurricane Ian is the latest natural disaster to impact food prices. The storm hitting Florida is already forcing orange juice futures to rise, and it may soon squeeze the country’s fertilizer supply — which could have a far-reaching impact.
Prices for frozen concentrate orange juice contracts hit roughly $1.92 per pound earlier on Wednesday, an increase of more than 5% from Tuesday, before moderating slightly.
Florida is a leading citrus producer, including oranges and grapefruit. At least 75% of the Florida citrus belt is under threat of heavy flooding rains over the next 36 hours, according to satellite imagery provider Maxar Technologies.
Maxar’s WeatherDesk finds that at least a third of the groves are likely to see some wind damage, mostly in the northwestern portion of the citrus belt.
Orange juice futures are up almost 30% so far this year. And the timing of the storm is difficult for farmers in Florida as citrus crops are nearing harvest season.
