Orange prices on the rise
Orange prices have been steadily increasing since 2020, and experts predict that they will continue to surge in August. In addition to oranges, the price of orange juice futures is also hitting record highs. This is due to a shortage of citrus supply globally, which has caused prices to skyrocket.
Orange juice futures reaching record highs
- Prices in the orange juice futures market have exceeded $3 per pound, compared to around $1.81 per pound last year.
- The price increase is primarily driven by a shortage of citrus supply around the world.
Implications of limited orange supply
Considering the current shortages, it’s worth imagining the potential price of oranges if the supply were further limited. With only 21 million oranges available, prices could reach unprecedented levels.
Comparison between oranges and Bitcoin prices
While the market is uncertain about whether Bitcoin’s price will surge in August, data from the IMF and the Fed reveals that orange prices have been spiraling out of control since January 2020, similar to the volatility of BTCUSD.
Hot Take
The rise in orange prices is a concerning trend, driven by a global shortage of citrus supply. This situation highlights the vulnerability of commodity markets and the potential impact on consumers. As crypto readers, it’s important to stay informed about various market developments, including those outside the realm of cryptocurrencies.
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