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Orange juice prices surge with news of Florida cold spell |
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Written by Administrator
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Thursday, 07 January 2010 11:28 |
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(Bloomberg) -- Orange-juice futures surged the most allowed by a New York exchange following a cold snap in Florida, the world’s biggest orange grower after Brazil.
Frost and freezes occurred in parts of Florida today, and the state will get another week of cold weather, said Drew Lerner, the president of World Weather Inc. Low temperatures didn’t last long enough to cause “significant damage” today, he said. Orange-juice prices jumped 90 percent in 2009 on concern that Florida’s citrus crop would shrink.
“We’re hearing about freezing temperatures in Florida, and that’s why we’re seeing the buying, just on pure speculation,” said Boyd Cruel, a senior analyst at Vision Financial Markets in Chicago.
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