Extreme weather events and citrus greening disease have negatively impacted orange (a type of citrus) cropping yields in Florida, one of the world’s largest producing citrus areas located in the United States of America. In April the futures price of Frozen Orange Juice Concentrate (FOJC) rose to a historical high of US $2.86 (or US 286 cents) per pound in April 2023.   Explain using a formula how low orange cropping yields may influence the futures price of frozen orange juice concentrate?

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