bullish
Soft commodities dominate 2023 - US orange crop falls to 86-year low
SUMMARY
- USDA on Tuesday pegged the 2022-2023 U.S. orange crop at 62.25 million boxes (2.57 million tonnes), an 86-year low and down 23% on the year.
- That is less than 20% of U.S. output in the record 1997-1998 season.
- Florida, which has previously accounted for more than 80% of the annual U.S. orange crop, is seen producing an 87-year low of 16.1 million boxes, down 61% on the year.
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