OJ futures have hit a new high, surging 10 cents or 4.56% to $2.292/lb, surpassing the 2016 record of $2.2585, due to limited supply.

The USDA predicts Florida's citrus production will reach 44.5 million boxes this year, which could result in the state's smallest orange harvest since 1945. This is due to "greening disease" and hurricane damage in Florida's citrus groves.

Recall we have closely followed the squeeze in supplies:

The domestic shortage has led domestic companies to seek out new supplies in Mexico and Brazil. WSJ reported a gallon of orange juice has risen above $6 in some US supermarkets.

Besides orange juice, egg prices are also soaring. People aren't thrilled about rapid food inflation.