Orange Juice Soars as Florida Freeze, FDA Probe May Curb Supply
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Orange-juice futures rose the most in five years as freezing weather damages citrus crops in Florida, and a U.S. government probe of a fungicide used on fruit in Brazil may limit imports.
About 5 percent of the groves in central Florida, the main growing region, were damaged last week as temperatures dropped below freezing, and the weather will turn cooler next week, said Kyle Tapley, a meteorologist at MDA EarthSat Weather. The Food & Drug Administration said yesterday it will investigate the use of carbendazim on orange trees in Brazil, which supplies about 25 percent of the juice consumed in the U.S.