Pour yourself another glass of OJ! Though the coldest spots in Florida’s citrus groves were close to freezing, crops are suffering little from the record-setting cold weather, Bloomberg News reports.
Oranges need to reach negative 28 degrees Fahrenheit to incur damage. While Florida’s weather will be colder than normal through Wednesday, temperatures will not fall low enough to pose threats to orange crops.
Futures climbed 2.8 percent yesterday, the highest rise since November, because of concern that the cold weather would reduce supplies. But it seems those worries were unfounded. Orange juice for March delivery settled 0.2 percent lower at $1.4335 a pound today on ICE Futures U.S in New York.