Orange Juice Jumps Most in 16 Months on Florida Hurricane Threat
- Crop seen facing moderate to severe damage from Hurricane Irma
- Southeast cotton, damaged by Hurricane Harvey, seen vulnerable
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Orange juice jumped the most in 16 months and cotton futures surged as Hurricane Irma topped storm scales and remained on track to reach the U.S. later this week, threatening crops in southern states.
Orange juice for November delivery jumped 6.2 percent to settle at $1.45 a pound on ICE Futures U.S. in New York, the biggest gain for a most-active contract since May 2, 2016. Cotton for December delivery climbed by the exchange limit of 3 cents, or 4.2 percent, to 74.88 cents a pound, the largest increase since July 12, 2016. Aggregate trading for both commodities more than doubled compared with 100-day averages, according to data compiled by Bloomberg.