Stocks of Brazilian concentrated juice soared this season, with the return of a massive harvest of nearly 400 million field crates. They should exceed 200 000 tonnes when the 2017-18 closes in late June. Nonetheless, there is no cause for alarm. On the one hand, this level remains well below those seen in 2012 to 2016 (500 000 to 765 000 t from 2012 to 2015, and 350 000 t in 2016). On the other hand, the 2018-19 campaign is set to be much leaner than the previous one, because of unfavourable weather during the first flowering in three of the four major production centres. No official figures have yet been published, yet the USDA was banking on a 20 % fall in its initial estimate. Physical market prices remained stable in late March, at 2 250 USD/t into Rotterdam. However, the first transactions between producers and Brazilian manufacturers were reportedly made on price footings between those of the lean 2016 harvest and those of the bumper 2017 season.
Sources: CitrusBR, USDA, Food News
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