Commodities : Tuesday, Jan. 28, 1986 : Orange Juice Futures Drop
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Frozen orange juice futures declined sharply Tuesday, losing almost all the gains they posted the previous day when a freeze warning was posted for central and southern Florida.
While bitter weather did grip the state Monday night, damage to the citrus crop appeared to be limited.
Prices on the Cotton Exchange in New York declined between 4 cents and 5 cents. The day before they locked up the 5-cent limit for daily trading on the exchange.
“The damage was not as great as had been anticipated,” said Judy Weissman, an analyst in New York with Shearson Lehman Bros.
Furthermore, she said, “the thinking is that there are more than adequate supplies and it’s (the weather) not going to present any hardships.”
Earl Finckle, president of Central Weather Services Inc. in Wheeling, Ill., forecast temperatures of 26 to 28 degrees late Tuesday night for two or three hours in the main citrus areas, but then warming. “It’ll be another scare night, but with minimum distress in the low-lying areas and smaller groves that don’t have protection,” he said.
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