NEW YORK (AP) — Orange juice futures surged to new two-year highs following fresh concerns that cold weather in Florida could wipe out parts of the citrus crop over the weekend.
March contracts for frozen orange juice concentrate rose 10 cents or 7.1 percent on Friday to settle at $1.5115 a pound. It was the second time in three days trading hit a new two-year high.
OJ prices had retreated Thursday after a bout of cold weather earlier in the week had minimal effect on the crop.
Orange juice prices have risen 17 percent during the past week.
Temperatures are expected to fall below freezing again in parts of Florida on Saturday and Sunday nights. Major damage to the fresh fruit crop would send prices of frozen orange juice concentrate significantly higher.