Orange juice prices soar to record highs as recent hurricanes plunge Florida's expected production haul to lowest since the 1930s

• Orange juice prices have soared 30% year-to-date to record highs after recent hurricanes hampered production.
• And over the past year, futures contracts that are tied to orange juice concentrate have nearly doubled.
• The US Department of Agriculture expects this year's orange production to fall to its lowest haul since the 1930s.

The price of breakfast could get even more expensive in the coming months, and not because of the recent egg price surge.

Instead, it's orange juice that has been soaring in price lately, as a dim outlook for supply due to recent hurricanes, a frost, and a plant disease called citrus greening have sent futures up to record levels.

Futures contracts tied to orange juice concentrate have soared 30% so far this year to $2.62 per pound and are on a 12-day winning streak. That's the longest streak since 1967, according to Bloomberg. Orange juice futures are up 87% from a year ago, when they traded at about $1.40 per pound.

Forecasters at the US Department of Agriculture estimated that this year's orange crop will fall to its lowest level since the 1930s, as Hurricane Ian dealt extensive damage to orange groves across Florida last year. The drop in supply comes as orange farmers were still recovering from the devastation of Hurricane Irma in 2017.

According to the USDA, Florida orange production will slump 61% in 2023 to 16 million boxes. The total US orange harvest is expected to fall 23% to 63 million boxes. The boxes can vary in weight but are typically measured as 90 pounds to one box.

Florida orange production has plummeted more than 90% from the peak seen in the late 1990s. But as supply falls and prices rise, demand for the drink will likely also take a hit, as consumers tend to be less willing to shell out the big bucks for orange juice than say, coffee.

Luckily for avid breakfast eaters, egg prices have been declining from their recent peak, so that could at least offset some of the pain in paying up for orange juice.