The US Department of Agriculture has released an alarming new forecast for Florida's citrus industry.

The latest projection indicates orange production for the current season will total around 12 million boxes—the lowest since 1930—according to Bloomberg, citing the new USDA report.

A devastating hurricane this fall has compounded the damage already inflicted by citrus greening disease, a bacterial infection that has decimated groves over the past decade.

Orange juice futures have surged to $5 per pound, a staggering 433% increase from the Covid-era lows of around $1 per pound. Worsening supply constraints could squeeze prices even higher.

Florida's orange production and citrus exports face an uncertain future as the industry struggles to recover from the dual blows of severe weather and disease.

More from Bloomberg:

The cut reflects an even dimmer situation for Florida's citrus industry, which had been expected to produce fewer oranges even before Hurricane Milton tore through groves in mid-October. Growers have been combating a deadly citrus disease called greening that has decimated orange production, while also trying to recover from hurricanes Ian and Irma in 2022 and 2017.

More than 300,000 acres of citrus lands were affected by Hurricane Milton, according to preliminary estimates in October by the Florida Department of Agriculture and Consumer Services.

Separate from the report, USDA data indicates US orange juice cold storage levels were at their lowest point at the end of October since the early 1970s.

In mid-October, we reported how top producer Brazil squeezed international orange juice markets following a devastating drought and widespread crop disease.

On Tuesday...

Food inflation remains stubbornly high.