Orange juice futures recorded a fresh record high on Tuesday as the agricultural commodity continues to be the top-performing commodity in the global financial markets this year. Orange juice prices have spiked on disappointing production numbers in Florida and concerns surrounding output in South America.

November orange juice futures were flat at $3.4940 per pound on Tuesday on the US ICE Futures exchange. The contract has skyrocketed 71% year-to-date and is up more than 96% over the last 12 months.

Supply woes have primarily driven the spike in prices.

According to the US Department of Agriculture (USDA), which released its final estimate for the current marketing year, Florida’s orange production is forecast to be 43% lower than initially predicted. USDA researchers anticipate that production in the Sunshine State will only be 15.8 million boxes, down from the first projection of 28 million boxes of oranges.

Florida has been grappling with two major developments: a persistent citrus greening disease and natural disasters. This has decimated farms and impacted output volumes.

In Brazil, which is now the world’s largest orange producer, farmers are seeing waning stockpiles. Last month, Brazilian industry group CitrusBR reported that orange juice inventories declined 40% at the end of the 2022-2023 marketing year to 84,745 tons, the lowest level since data collection began more than a decade ago.

A smaller-than-expected crop and sliding juice yields were the main contributors to the disappointing figures. Meanwhile, the country also sees disease pockets in many key growing areas.

Despite skyrocketing prices, consumer demand remains strong. But some industry experts are unsure if this trend will hold steady as price-conscious shoppers lower their consumption.

In other agricultural commodities, October corn futures slid $0.0175, or 0.36%, to $4.795 per pound. October wheat futures edged up $0.005, or 0.08%, to $5.895 a bushel. October soybean futures surged $0.0625, or 0.48%, to $13.04 per bushel.