Latest Florida Citrus Crop Forecast Drops Sector Further Into Abyss
December 9, 2015 According to the latest Florida orange crop estimate from USDA, the 2015-2016 harvest will go down in history as the most sour in more than a half century.
Pegging now at 69 million boxes, the projected output already has tumbled twice from the initial 2015-2016 forecast of 80 million boxes, which is markedly lower than last season’s meager-for-the-time 96.7 million box total.
If the current orange forecast comes to fruition, the yield would be the lowest since the 1963-1964 season. Keep in mind, that season was heavily impacted from the previous year’s severe freeze event.
In a news release sent out by Florida Citrus Mutual (FCM) shortly after the forecast was announced, FCM executive VP/CEO Mike Sparks commented: “We knew this year’s crop was going to be the lowest in years, but this is a bit surprising. The silver lining is that the lower crop should put upward pressure on grower returns, which they need to cover ever increasing production costs.”
The December orange forecast breaks down as follows: 36 million boxes of early, midseason, Navel, and Temple varieties; plus 33 million boxes of Valencias.
The overall grapefruit estimate came in at 11.5 million boxes. This is a healthy dip from last month’s 12.2 million boxes.
Monthly updates from USDA will continue through July.
The next update from USDA is scheduled for January 12.
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