Orange juice stock prices hit all-time high

Orange juice prices have risen above $5 a pound.

Exchange prices for orange juice in the world on Friday reached a new historical maximum, exceeding $5 per pound of frozen concentrate, according to ICE Futures data.

As of 16:10 Moscow time, the price of September futures for frozen orange juice concentrate is up 0.8%, to $4.97 per pound of frozen concentrate. And around 15:00 Moscow time, the figure reached $5.06, which became a new record high.

Orange juice prices are rising as Brazil's orange harvest prospects worsen. The latest forecasts are for the orange harvest to be down 25% this year, to its lowest since 1988.

At the same time, according to the Brazilian Citrus Exporters Association, global reserves of orange juice from the country were near multi-year lows last year.