Dec. 15 — Orange-juice futures dropped to the lowest price in almost two weeks on signs that damage to citrus groves in Florida, the world’s second-biggest grower, was less severe than expected.
While some damage occurred, the areas where temperatures dropped below 28 degrees Fahrenheit (minus 2 Celsius) for more than four hours was “somewhat restricted,” World Weather Inc. said today in an e-mailed report. Prices surged to a three-year high on Dec. 13 as freezing weather threatened orange groves.
“The initial assessment shows that there has been minimal damage,” said Jodi Timmons, a vice president at Global Commodity Futures LLC in Fort Lauderdale, Florida. “There are talks about temperatures dipping later this week, but it may not be damaging to the crop.”
Orange juice for January delivery fell 2.55 cents, or 1.6 percent, to $1.575 a pound at 9:23 a.m. on ICE Futures U.S. in New York, after slipping to $1.535, the lowest price for a most- active contract since Dec. 2. Yesterday, the most-active contract slumped 4.1 percent.
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