Tags: US | Commodities | Review

As Temperatures Plummet, Orange Juice Prices Heat Up

Wednesday, 06 Jan 2010 03:29 PM

Orange juice futures jumped to their highest levels in two years as a prolonged freeze in Florida endangers crop production.

"This is purely weather driven," said Richard Feltes, senior vice president and director of commodity research at MF Global.

Prices for frozen orange juice concentrate have risen sharply this week and went as high as $1.4965 per pound Wednesday — levels not seen since December 2007.

OJ for March delivery backed off those highs late in the day, and fell $1.50 to settle at $1.4205 per pound.

Energy prices were also getting a boost from the cold weather. Oil rose $1.41 to $83.18 a barrel.

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Orange juice futures jumped to their highest levels in two years as a prolonged freeze in Florida endangers crop production. This is purely weather driven, said Richard Feltes, senior vice president and director of commodity research at MF Global.Prices for frozen orange...
US,Commodities,Review
104
2010-29-06
 

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