The world's largest producers of oranges and frozen concentrated orange juice (FCOJ) are Brazil and the United States. Brazil is the major supplier of orange juice to the United States. Brazilian production is concentrated in Sao Paulo where about 95 percent of the citrus trees are grown. The domestic market in Brazil prefers fresh oranges. Other oranges are processed and the FCOJ is sent to markets in the U.S., Europe and Asia. Other countries that produce oranges include Mexico and Spain.

The U.S. Department of Agriculture's important 2002/03 season crop report on U.S. production was released in early October 2002. That report forecast the Florida orange crop at 197 million boxes, down 14 percent from 2001/02. Florida's share of U.S. orange production of 262 million boxes is 75 percent. California orange production was estimated at 63 million boxes. Texas production was 1.58 million boxes. California oranges go mostly to the fresh market while Florida's are processed for FCOJ. The Florida crop was adversely affected by variable weather condition. The Florida weather in early 2002 was mild but very dry which affected the bloom. Late spring showers were variable and there was hot weather in the summer. The Florida Early/midseason and navel orange crop was estimated at 113 million boxes, down 12 percent from the previous season. The Valencia orange crop was estimated as 84 million boxes, down 18 percent from the previous year. The California Early/midseason and navel orange crop was 40 million boxes, up 18 percent from the previous year. The Valencia crop was 23 million boxes, up 4 percent from a year earlier.

The U.S.D.A. forecast that 2002/03 season U.S. orange juice production would be 1.21 billion single-strength equivalent (SSE) gallons from the crop. This would represent a decline of 14 percent from the 2001/02 season and the smallest output since the 1993/94 season when production was 1.13 billion SSE gallons. At the start of the 2002/03 season, beginning stocks of orange juice were 668 million SSE gallons. Imports were estimated at 280 million SSE gallons, up 47 percent from the previous season. The total supply of orange juice was 2.16 billion SSE gallons, down 6 percent from the previous year. Exports of orange juice were estimated at 125 million SSE gallons, down 26 percent from the previous year. Domestic consumption was estimated at 1.51 billion gallons, up 3 percent from the previous season. Per capita consumption was estimated at 5.2 gallons.

Futures Markets

Frozen concentrated orange juice future and options are traded on the NYCE division of the New York Board of Trade (NYBOT).

Excerpted from the CRB Commodity Yearbook. For more information on CRB products click here

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