Brazil’s orange juice stocks hit record low in 2024

Brazilian orange juice stocks held by major exporting companies reached the lowest level on record in 2024. As of December 31, inventories were 351,480 tonnes in frozen concentrated orange juice (FCOJ) equivalent, according to an independent audit of CitrusBR member companies. The organization represents Citrosuco, Cutrale, and Louis Dreyfus Company (LDC).

Stock levels declined by 24.2% compared to 2023 when exporters held 463,940 tonnes. The drop resulted from a historically small orange crop—the country’s smallest in 30 years—according to CitrusBR Executive Director Ibiapaba Netto.

In the 2024/25 season, orange production in São Paulo’s citrus belt and the regions comprising the “Triângulo Mineiro” and Southwest of Minas Gerais totaled 228.52 million 40.8-kilogram boxes, a 25.6% decrease from the previous crop, according to Fundecitrus, an association supporting the industry. This marked the fifth consecutive harvest that the industry deemed insufficient, with volumes below the 310-million-box threshold.

Brazilian juice production for the season ending in June 2024 totaled 898,600 tonnes of FCOJ equivalent at 66 Brix, 5% less than the previous cycle, according to CitrusBR. Brix is a measure of the dissolved solids in a liquid and is commonly used to measure the dissolved sugar content of an aqueous solution. One Brix is equivalent to 1 gram of sucrose in 100 grams of liquid.

In January, the Center for Applied Economics Studies (CEPEA) warned that neither lower exports nor reduced domestic consumption in 2024/25 would be enough to prevent a sharp decline in stocks. Fundecitrus is set to release its first forecast for the 2025/26 harvest in May.

Source: Valor International

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