OJ futures surge on cold Florida winter forecast

Print
Email
|

Associated Press

Posted on November 20, 2012 at 4:00 PM

Updated Tuesday, Nov 20 at 4:02 PM

Orange juice futures are surging. Balmy weather in Florida hasn't quelled speculation that a winter freeze could hurt the crops.

The price for frozen orange juice concentrate rose 4.2 percent Tuesday to finish at $1.22 per pound.

The government has predicted Florida's winter will be colder than normal. Analysts say that's attracting buyers to the market on speculation that the crops could be hurt by a freeze, which would cut into supply.

Meanwhile, the price of oil is falling on signs that Israel and Hamas are close to a cease-fire to end Israel's attacks in the Gaza Strip. That would ease concerns about potential supply disruptions in the Middle East.

In other trading, prices are lower for gold, copper and gasoline. Wheat, corn and soybeans are higher.

Print
Email
|