Orange juice futures on ICE exchange traded up as much as 5.5% on Wednesday as hit the Florida coast, threatening to damage orange trees in the largest producing state.
A truck filled with oranges is seen during a harvest at a farm in Lake Wales, Florida, U.S., April 1, 2020. Picture taken April 1, 2020. REUTERS/Marco Bello
Meat companies also braced for the brunt of the storm hitting the southeastern United States, where livestock and chickens are raised, while agribusiness Cargill Inc shuttered facilities that handle products ranging from grains to salt. "The storm shifted east and further south overnight, placing more of the oranges in harm's way," said Judy Ganes, a soft commodities analyst with J.Ganes Consulting.
Florida is also the largest U.S. grower of sugarcane, but crops are located more to the west of the storm's path.Food and agricultural companies hunkered down.
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