Orange juice drops to 5-month low on weak demand
from The Wall Street Journal
Orange-juice futures slumped to a five-month low as weak demand for the beverage trumped fears of a hurricane damaging Florida's next crop. Frozen, concentrated orange juice for delivery in September fell 2.2 percent to $1.4475 a pound, the lowest closing price since Feb. 19 on the ICE Futures U.S. exchange. A disturbance in the Atlantic Ocean shows a 70 percent chance of tropical cyclone formation in the next 48 hours, according to the National Weather Service. Usually, that kind of news boosts the orange-juice market, as previous hurricanes that have hit top orange-producing state Florida have damaged groves and ripped fruit from the trees.
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