(NEW YORK) — Orange juice futures rallied Tuesday in New York in the wake of lowered expectations for Florida orange crops.
The U.S. Department of Agriculture forecast the Sunshine State will produce 146 million boxes of oranges this season, down 8 million boxes from previous estimates.
The drop in supply caused the price of frozen orange juice concentrate for January delivery to finish at $1.2990 per pound on the ICE Futures U.S. exchange Tuesday, a rise of 3.6 percent.
The price was the market’s highest since September 14.
Copyright 2012 ABC News Radio
Brian Stelter, CNN Newswire
Scott Zamost and Drew Griffin, CNN Newswire