Capital Economy, Business and Finance
If oil and wheat prices tell of invasion and war, then oranges sing of climate change. Orange juice futures hit a multi-decade high of $4.92 a pound this week after bad harvests in Brazil (the world’s largest exporter) and a slump in production in Florida. The sunshine state’s orange groves were hit by a hurricane and a cold snap in 2022; Brazilian groves have suffered from higher than average temperatures and below average rainfall this year. Both regions’ trees have also been infected with “citrus greening”, a disease which makes fruit bitter before killing the tree. As stockpiles run low, juicers are experimenting with mandarins, whose trees are more resilient to climate change.