FT.com / Commodities - Florida output forecast dents orange juice

FT.com / Commodities - Florida output forecast dents orange juice: "Florida output forecast dents orange juice
By Gregory Meyer
Published: August 17 2010 20:11 | Last updated: August 17 2010 22:22
The forthcoming orange crop in Florida, the world’s second-largest producing region, will be more than 10 per cent larger than last season, according to two closely watched private sector forecasts.

The new production outlook sent the price of frozen concentrated orange juice futures to a three-month low, but on Tuesday prices rebounded slightly.

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Orange juice is a $20bn industry with prices affecting farmers in Florida and Brazil, processors, trading houses and bottlers such as Coca-Cola and PepsiCo.

Florida is the world’s second-largest orange growing area after S�o Paulo state in Brazil. But its orange crop has dwindled as disease and real estate development have taken their toll. The state’s most recent crop was 18 per cent lower than the previous season."