Greece’s orange harvest seen falling 12 pct as Italy’s drops

Orange production in Greece is set to decline after damaging rain in May and June, while Italy’s output will also fall, according to the Foreign Agricultural Service of the U.S. Department of Agriculture.

Greece’s crop will drop to 850,000 metric tons in 2014-15 from 970,000 tons a year earlier, the FAS said on the USDA website. Italy’s harvest in November to October will fall 5.6 percent to 1.7 million tons, it said in a separate report.

Orange juice futures traded in New York rose 0.4 percent last year with production in Florida, the world’s second-largest grower, set to stabilize after two years of declines. The state’s orange output will be 108 million boxes in 2014-15 compared with 104.6 million boxes a year earlier, the U.S. Department of Agriculture estimated on Dec. 10. Brazil is the biggest grower of oranges.

Greece’s processing of oranges will jump 26 percent to 170,000 tons to produce 10,438 tons of concentrated orange juice, the FAS said.