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13 October 2017, 12:15 | Henrietta Morgan
Your Orange Juice is definitely going to cost more
The first citrus forecast for the season from USDA's National Agricultural Statistics Service is calling for the all orange forecast for the 2017-2018 season to 4.34 million tons, down 16 percent from the 2016-2017 final utilization.
Things are even worse in Florida as NASS expects 54 million boxes of oranges to be produced, down 21 percent from last year's final production of nearly 69 million boxes. A survey of analysts conducted by Bloomberg indicated a crop of 58.2 million boxes.
"There's no way they have an accurate count of the estimate they'll release tomorrow based on the continued damage that's falling out from Hurricane Irma", he said, "and the fact that they pulled their limb counters out of the groves at a time when they didn't have an accurate picture of the long-term damage to the trees and to the crop".
Shannon Shepp, executive director of the Florida Department of Citrus, said that the Florida Citrus industry as a whole has taken a "heavy hit" this hurricane season.
Orange juice for November delivery rose 1.6 percent to $1.60 a pound at 10:53 a.m. on ICE Futures U.S.in NY.
Irma ripped through in September, causing an estimated $2.5 billion in damage to the state's agriculture, the Florida Department of Agriculture and Consumer Services said on October 4. Estimated productivity in Texas, the biggest USA grower of the fiber, fell to 745 pounds per acre from 757 pounds predicted in September, with much of the state's growing area unaffected by Harvey.
USA cotton production this year may be 21.1 million pounds, up 23 percent from last year on higher acreage and down 3 percent from last month's estimate.
"Our signature crop, citrus, was hit especially hard with an estimated $760,816,600 in losses".
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