Orange juice futures have jumped 11 percent year to date, according to CNBC Analytics. Measured as frozen concentrated orange juice per pound, the commodity is trading at $1.51. And it could reach $2 per pound later this year, a level OJ hasn't seen since hitting the record-high $2.26 mark in 2012, said Shawn Hackett, president of commodity brokerage firm Hackett Financial Advisors.
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A key factor is supply. U.S. production has been decreasing for years due to a citrus greening disease in Florida, the second-largest producer of orange juice in the world after Brazil. Other than replacing the tree, there's still no solution to eradicate the disease, which slows root growth and makes fruits bitter.
"This disease problem continues to get worse and worse, and production is just falling off the cliff," Hackett said.
In fact, the U.S. Department of Agriculture recently lowered its 2013-14 forecast of Florida orange crops to 114 million boxes, down from 134 million boxes a year earlier.
Until now, Brazil has been able to make up for the Sunshine State's low production. But its drought problem—the worst in decades—may provide the latest push for the commodity's run. Hackett says Brazil's weather situation will bring down orange production, making the supply picture extremely bullish for the next year or two.
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Though Hackett expects to see a near-term correction, he still believes orange juice is one of the better options for investing in commodities.
"Brazil is putting a little fuel to the fire," said Mike Seery, president of Seery Futures. He expects orange juice to follow coffee's upward trend, noting that Brazil isn't going to produce as big of an orange crop.