Posted on 01/08/2010 11:31:29 AM PST by Signalman
Forecasts for some of the coldest temperatures on record in Florida this weekend have heightened concerns about possible damage to the state's orange crop, sending orange juice futures as much as 7% higher early Friday.
Florida's citrus industry has been under pressure all week owing to the freezing temperatures, which have so far caused only isolated damage to the 2009-10 orange crop. Frozen concentrated orange juice futures have gained 17% amid fears that crop damage could be substantial, something that hasn't happened in two decades.
Frozen concentrated orange juice for March delivery, the most actively traded contract, was up 6% at $1.4965 a pound late Friday morning, after hitting an 18-month high of $1.5115 earlier.
"The issue for the market is this weekend when central Florida could see some of the lowest temperatures in years," said Jack Scoville, analyst and vice president at Price Futures Group in Chicago.
(Excerpt) Read more at online.wsj.com ...
Where is Clarence Beeks with those weather reports!?
Sell Mortimer... Sell!!!!
He’s getting loaded onto a barge by Al Franken to get screwed by a Gorilla. There’s a joke in there somewhere.... but I’ll let others figure it out.
This is harvest time for Florida citrus.
Some of this cold has turned citrus fabulous if it didn’t freeze.
If it frooze it is throw away.
They are working overtime and harvest trucks are all backed up at the processing plants.
From Orlando to the Indian River the growers are all nervous.
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