Orange juice jumps on supply worries as grain prices fall

Orange juice jumps on supply worries

Orange juice futures are up on fears of storm damage to the Florida crop.

Orange juice for November delivery jumped 9.3 cents to settle at $1.5970 a pound. Prices were already climbing after Brazil announced last week that its harvest will be smaller than expected.

Florida’s orange crop is already at its lowest level in decades, after storm damage and an unusual freeze. While Florida’s harvest is expected to rebound, traders seemed worried Monday that storms forming off the Florida coast could damage orange groves this fall.

In other trading, agricultural prices sank after an afternoon rally, with corn and soybeans both closing down.