Orange Juice Climbs on Florida Crop Concern; Cocoa, Sugar Gain
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Orange juice rose to an 11-week high on mounting concern that dry weather will curb output in Florida, the world’s second-biggest citrus grower. Cocoa and sugar also gained, while coffee and cotton declined.
Florida’s citrus belt will get drier-than-normal weather during the next two weeks, with the best chance for light rain expected tomorrow, Bethesda, Maryland-based Commodity Weather Group LLC said in a report today. Last week, the U.S. Department of Agriculture cut its estimate of orange production in Florida by 1.8 percent because of dry conditions and citrus greening, a crop disease.