ORANGE JUICE CROP UPDATES - Q1 2025

USA – Florida

The USDA’s latest forecast for Florida’s 2024/25 orange crop remains at 12.0 million boxes, marking a 33% decrease from last season. Non-Valencia production is forecasted at 5.0 million boxes, with smaller fruit sizes and higher droppage rates. The Navel forecast is 150,000 boxes, while Valencia production is projected at 7.0 million boxes, with average fruit size and higher-than-expected droppage.

The early and mid-season harvest is completed, and the Valencia harvest is progressing, with slight improvements anticipated. Juice ratios are 14.86, down from 15.95 last year, with yields at 5.83 gallons/box, up from 5.68 gallons/box. The crop is expected to wrap up by mid-May. Local conditions include a cool winter and ample rain, aiding the potential for a healthy bloom.

 

Brazil

The forecast for Brazil’s 2024/25 crop stands at 223.14 million boxes, a 3.4% increase from earlier projections. However, juice yields remain low, with fruit ratios affected by persistent rains. Brazil’s orange juice exports saw a decline in volume (-19.7%), but revenue rose by 42.7%, driven by higher prices.

For the upcoming 2025/26 season, Brazil’s crop is expected to improve, though the ongoing challenge of greening disease, affecting 40-45% of trees, could continue to impact production.

Mexico

Mexico’s production is currently limited by cool, rainy weather, which has slowed juice ratios. The Valencia season is in full swing, but some processors are limiting their purchases due to low ratios and poor brix levels. Off-season fruit is expected to increase availability, and the crop forecast is 30% lower than the previous year, a slight improvement.

 

EU Orange Juice Production

EU orange juice production is projected at 50,200 MT in 2024/25, down from 54,900 MT in the previous season. This decline is due to improved orange calibre in Spain and a smaller portion of oranges being used for juice. Imports are expected to rise to 527,000 MT with Brazil continuing as the dominant supplier.

Futures & Market Outlook

FCOJ futures saw a high of USD 5.43/lb in mid-December, but prices dropped to USD 4.37/lb by early March. Market sentiment suggests a price decline, given the anticipated larger crops in Brazil and Mexico and the relatively low demand in the US. With global supplies stabilizing, future price adjustments are likely to be downward.