NEW YORK (AP) — Orange juice futures contracts are retreating after much of Florida avoided a potentially devastating freeze overnight.
Orange juice contracts for March delivery fell 90 cents Thursday to settle at $1.4115 per pound, a day after hitting a two-year high.
Prices for frozen orange juice concentrate had been rising sharply this week as investors became concerned that a blast of cold weather hitting Florida would hurt the orange crop.
Temperatures are expected to warm up slightly for the next few days, easing concerns about crop damage. However another round of freezing temperatures are expected this weekend.
Elsewhere, oil and gold prices are declining modestly.