Orange juice futures for March delivery fell again on Tuesday, marking an eighth consecutive day of declines. The price of orange juice hit a low of 385.50 cents per pound, the lowest point observed since May 9, 2024. This downturn occurs despite futures having reached record highs in mid-December.

Market analysts are astonished by this recent decline, especially given the persistent supply challenges faced by Florida and Brazil’s orange production. On Tuesday, the USDA adjusted its production forecast for Florida oranges downward to 11.5 million boxes—a decrease of 4% from earlier estimates and down 36% from last year’s figures.

According to Danny Munch, an economist affiliated with the American Farm Bureau Federation, three main factors may be contributing to this price drop:

Firstly, the rising cost of orange juice may be prompting consumers and food manufacturers to seek out alternatives, leading to what is known as demand destruction. This shift is further influenced by increasing awareness of sugar content in food and beverages.

Secondly, traders may suspect that prices have reached their peak and expect production levels to eventually rise. Since orange juice futures are still significantly higher than the five- and ten-year averages, some investors might be taking profits, which adds to the selling pressure.

Lastly, a robust U.S. dollar, coupled with potential tariff issues, makes imported orange juice comparatively more affordable. This currency dynamic may be alleviating some pricing pressure, despite the ongoing supply constraints.

—Nick Wells

Here are some companies that attracting attention during after-hours trading:

• DoorDash — The food delivery service saw its stock climb nearly 6% after reporting fourth-quarter revenue that exceeded expectations. DoorDash announced revenue of $2.87 billion for the quarter, surpassing LSEG analysts’ estimates of $2.84 billion.
• Gilead Sciences — The biopharmaceutical company’s shares increased by 4% after reporting fourth-quarter results that exceeded both revenue and earnings expectations. Gilead achieved adjusted earnings of $1.90 per share on revenue of $7.57 billion, while LSEG analysts anticipated earnings of $1.70 per share on $7.14 billion in revenue.
• Super Micro Computer — Despite slashing its full-year revenue forecast for fiscal 2025, shares of Super Micro surged over 4%. The company now projects revenue for the year to be between $23.5 billion and $25 billion, in contrast to the $24.92 billion that analysts anticipated. Additionally, Super Micro noted it plans to file its delayed annual report by February 25.

For a complete list of after-hours stock movements, click here.

— Brian Evans

On Tuesday, stock futures remained largely unchanged as investors await the release of the January consumer price index report.

Futures linked to the Dow Jones Industrial Average dipped by 7 points, or 0.02%. Meanwhile, S&P 500 futures fell by 0.02%, and Nasdaq 100 futures saw a slight increase of 0.05%.

— Brian Evans