OJ Prices Back To Normal Following Storm

New York orange juice futures prices rallied in advance of Tropical Storm Isaac’s arrival in Florida. The November contract rose by 9% on worries that the storm’s winds and rain would do damage to the state’s citrus crop. However, after the storm passed with relatively little effect on the citrus growing region, prices stabilized to recent trends. The market closed on Aug. 30 at $1.17 per pound.

The temporary spike in prices was well below the record $2.20 per pound, which was set in January after U.S. officials blocked a number of Brazilian imports of orange juice because they tested positive for a fungicide that is banned for use on citrus in the U.S.