This month, the U.S. Department of Agriculture affirmed that Florida’s orange crop will be 138 million boxes, 10 percent less than first projected in October because of drought and a crop disease. The Atlantic hurricane season runs from June 1 to November 30. Brazil is the world’s top orange grower, followed by Florida. A box weighs 90 pounds, or 41 kilograms.
“This time of year, right before June 1 when hurricane season comes around, you see a lot of speculators jump into the market speculating on whether a hurricane is going to hit Florida or not,” Michael Smith, the president of T&K Futures & Options in Port St. Lucie, Florida, said in a telephone interview.
Orange juice for July delivery climbed 3.2 percent to settle at $1.536 a pound at 2 p.m. on ICE Futures U.S. in New York, after reaching $1.546, the highest for a most-active contract since April 9, 2012.
Storm Barbara grew into a hurricane with top winds of 75 miles (121 kilometers) per hour as it approached Mexico’s Pacific Coast near Salina Cruz today. Barbara was moving north-northeast at 10 mph about 65 miles east-southeast of Salina Cruz, the center said in an advisory at 11 a.m. Pacific time. The system is expected to weaken rapidly as it moves toward the Gulf of Mexico.
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