Contents
Juices
Orange & Apple Juice
0.8
0.9
1
1.1
1.2
1.3
1.4
1.5
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Orange Juice US - USD/lbs Sep 20 Dec 20 Mar 21
ORJU - Orange conc fzn ICE NY (DH-0)
The US orange juice price on the ICE exchange rose by 3.6% m-o-m to USD 1.32/lbs in December
2021, in line with a rise in demand for orange juice at the comparatively low-price points in October
and November. US orange production is forecast to fall by 11% in the 2020/21 MY, to 47.0 million
boxes, exerting further upward momentum on prices. This is combined with rising input costs and
ongoing logistical disruptions, which are adding to the bullish impetus in the market.
The Mintec price of Brazilian orange juice declined by 1.5% m-o-m to BRL 10.47/kg in December
2021, in line with seasonality. Historically, demand falls during Q1, and picks up again in April as
production estimates for the next MY become clearer. Prices are likely to remain relatively stable over
Q1 2022, as trading activity slows. In addition, orange juice ending stocks for 2021/22 are expected to
rise y-o-y, which should limit the upside price movement.
6.5
7
7.5
8
8.5
9
9.5
10
10.5
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Apple Juice China - USD/GALLON
Sep 20 Dec 20 Mar 21
FJ09 - Apple conc >70Bx (CN) exd US
The Mintec price of Chinese apple juice in the US declined by 3.0% m-o-m to USD 9.8/gallons in
December 2021, in line with a decline in market activity and demand. Prices remain above 2020
levels, up 27.6% y-o-y, in line with a forecast decline in production of apple juice concentrate, to
around 400 000-450,000 tonnes, a 20% drop on pre-season estimates. In addition, sustained high
shipping rates and a current shortage of high-quality apples are keeping prices firm. As the season in
Poland is closing, there is greater opportunity for Chinese producers to export to the US, a key export
market. Growth in export demand could drive prices higher over the short-term.
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700
900
1,100
1,300
1,500
1,700
1,900
2,100
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Apple Juice EU* - EUR/MT Sep 20 Dec 20 Mar 21
JU07 - Apple conc hi-ac 70Bx ddp Rdam
The Mintec price of EU apple juice rose by 5.0% m-o-m to EUR 1050/MT in December 2021. This was
due to high input costs and in line with seasonality. Many producers have fixed contracts for the
upcoming season. The volume of apples in the EU is plentiful for the 2021/22 season, which is
expected to limit the upside price momentum. However, apple juice prices remain firm, due to the
spike in demand from non-traditional markets such as the US, amid logistical disruptions in China.
*Please note that in October 2021, the methodology behind these prices and sources used was changed,
therefore the large price swings seen month-on-month do not reflect a true fall/rise in the market but instead
show a "rebasing" of price levels based on industry feedback.
11.00
10.50
10.00
9.50
9.00
8.50
8.00
7.50
7.00
6.50
6.00
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Orange Juice Brazil* - BRL/kg Sep 20 Dec 20 Mar 21
4Q04 - Orange conc fzn fob BR