Cold weather proved to be harmful to citrus crops in the Sunshine State, recognized as the globe's second-largest grower. Roughly three-quarters of the citrus-growing region endured weather cold enough for a frost, one-quarter of which endured a hard freeze, states a Wednesday report by MDA EarthSat Weather.
"There's definitely going to be some damage to the crop," president Michael Smith with T&K Futures and Options in Port St. Lucie told the news service, noting the U.S. Department of Agriculture's February crop report is likely to indicate lower yields.
The past two weeks have seen the price of orange-juice futures advance 8.4 percent.
Florida's citrus industry creates $9 billion in economic activity and nearly 76,000 people work in the industry. The weather is projected to moderate after Wednesday and threats of additional freezing will subside with more moderate temperatures.
Dow Jones Newswires reports temperatures from Tuesday to Wednesday fell as low as 22 degrees Fahrenheit, which is a temperature cold enough to freeze fruit.
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