orange juice futures

orange juice futures

September 13th, 2017

Florida fruit growers and farmers have just barely begun to assess the damage Hurricane Irma wrought on the state’s citrus, sugar cane and vegetable crops — but they expect it will be significant.

With power and communications still out across much of Florida, officials said Tuesday that getting a full picture will take weeks. What remains unknown: Exactly how much damage the crops suffered, how much producers might recover from crop insurance and how much more people might pay for their morning orange juice.

“Irma went right up the middle. It didn’t matter where you were, because Irma was so wide,” said Mark Hudson, the Florida state statistician with the National Agricultural Statistics Service. Extension and Farm Service Agency agents have just started evaluating the losses, he said, “if they can get fuel and if they can get out.”

Florida’s orange harvest usually begins around Thanksgiving, and about 90 percent of it becomes juice. Projections for the 2016-2017 growing season had called for 68.5 million boxes of oranges and 7.8 million boxes of grapefruit. The orange crop was worth over $886 million, according to USDA figures, while the grapefruit crop was worth nearly $110 million.
Crews work to restore Florida’s electricity after Hurricane Irma

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orange juice futures

orange juice futures

Sepember 5th, 2017

Orange-juice futures jumped by more than 6% Tuesday, set to mark their highest settlement since mid-May on fears Hurricane Irma could blast key orange-producing areas of Florida.

In a tweet Tuesday, the National Hurricane Center said, “Irma is the strongest hurricane in the Atlantic basin outside of the Caribbean Sea & Gulf of Mexico in NHC records.”

The storm’s projected path could take it to Florida in the next several days. A state of emergency has been declared in Puerto Rico, the U.S. Virgin Islands and Florida as the Category 5 storms heads for the region. It’s expected to strengthen further before making landfall in the Caribbean later Tuesday.

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