This under-the-radar commodity is set to double in 2024 [Video]

While precious metal and energy prices flip into consolidation mode for now, one of the best kept secrets in the Commodities sector that nobody is paying attention is Agriculture.

The disruptive effects of Global Warming and Climate Change have sent a long-list of Agricultural Commodities skyrocketing to multi-decade and all-time record highs – firmly positioning the entire sector on track for its best start to the year in over a century!

Unlike other Commodities, the world cannot function or survive without Agriculture.

Irrespectively of whether the overall economy is booming or contracting, people still have to eat – making Agriculture an “all-season” asset class that has a proven track record of delivering attractive and resilient returns across virtually any economic cycle.

This month, Robusta Coffee prices surged over 50% to hit their highest level in 45 years. While Cocoa prices soared to a new all-time record high of $12,000 per tonne – racking up a phenomenal gain of more than 200% from their opening price of sub $4,000 per tonne seen at start of this year.

But there’s one Commodity that has continued to quietly break new all-time record highs, almost on a weekly basis – And that’s Orange Juice.

Orange Juice prices have been on an absolute tear this year and are currently trading at their highest level since 1960. This week, Orange Juice registered a new all-time record high of $495.28 per pound – that’s almost double the price from this time last year.

But more impressively, Orange Juice prices have now tallied up an astonishing gain of over 817% from their 2020 low of $54.20 per pound.

And this could just be the beginning!

Orange Juice prices have been on an unstoppable run since 2020 doubling, year after year – and according to analysts at GSC Commodity Intelligence – this trend is set to continue for the foreseeable future amid rapidly shifting supply and demand dynamics.

The vast majority of the world’s Orange Juice is produced in two countries. The US, which is the world's 2nd largest producer after Brazil – the world's No. 1 producer – accounting for about 60% of global Orange Juice supply.

In the US the industry is still reeling from a series of hurricanes over recent years, which have destroyed thousands of acres of citrus crops in the country’s main planting regions. Meanwhile over in Brazil, farmers have struggled with higher temperatures and lower rainfall as a consequence of Global Warming.

While farmers in the .S and Brazil have started planting more Orange trees to capitalize on the huge uptick in prices – unlike crops such as Corn and Soybeans, it can take up to 5-7 years for Orange trees to start bearing fruit.

Overall, Orange Juice production in the US and Brazil is now at the lowest in “over 100 years” – fuelling an unprecedented phenomenon known as a “Super-Squeeze”.

All of this tells us one thing: Orange Juice is only heading higher from here and it won't take much for prices to double again in the months ahead!

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: