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Market Data 15.09.2022

Brazilian orange juice: Stocks end 2021/22 season at low levels and are not expected to increase in 2022/23

The ending stocks of orange juice ended the 2021/22 season at low levels (on June 30th, 2022), according to data released this week by CitrusBR. And even if orange production increases in the 2022/23 season, the volume of juice stocked by the end of the crop …

Brazilian orange juice: Stocks end 2021/22 season at low levels and are not expected to increase in 2022/23
(Photo: CEPEA)

The ending stocks of orange juice ended the 2021/22 season at low levels (on June 30th, 2022), according to data released this week by CitrusBR. And even if orange production increases in the 2022/23 season, the volume of juice stocked by the end of the crop is not expected to be high.

According to CitrusBR, the ending stocks of Frozen Concentrate Orange Juice (FCOJ) Equivalent totaled 143.1 thousand tons at the end of the 2021/22 season, almost 55 % lower than that in the previous crop and below the strategic level (250 thousand tons).

CitrusBR estimates juice stocks to total 140 thousand tons by the end of the 2022/23 crop, in June 2023. Despite the increase in the number of oranges allocated to the production of juice, industrial yield is expected to be lower than that last season – it is important to consider that, in the 2021/22 crop, rainfall was not that frequent, which favoured yield.

According to CitrusBR, the Brazilian exports of orange juice to the United States may increase, due to the low orange production in Florida, which is keeping low the American stocks of juice.

This scenario confirms the high industrial demand for oranges in the current season (2022/23). However, next season, the demand from juice processors is expected to continue high – to replenish stocks, at least partially. Thus, juice prices are on the rise abroad.

Cepea estimates that, for the volume stocked by the end of the 2023/24 season (in June 2024) to return to the strategic level of 250 thousand tons, orange processing during that season needs to be around 300 million boxes of 40.8 kilograms, which accounts for an output of 340 million boxes in São Paulo State + the Triângulo Mineiro. This calculation considers stable juice sales, of a million tons, and the average yield of the five previous crops.

However, since the beginning of Fundecitrus surveys, in 2015/16, orange production has surpassed 340 million boxes in only two seasons: 2017/18 and 2019/20. Since then, the area with orange groves has shrunk. On the other hand, groves were renewed in that period, which tends to favour productivity and production.

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