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Speculative forces are pushing orange juice price higher as monster Hurricane slowly approaches Florida and set hit Miami after passing through the Caribbean. On Tuesday, United States’ National Weather Service reported that Hurricane Irma has been upgraded to category 5 storm, which is the highest scale for any Hurricane with a sustained wind speed of 185 miles per hour. It is now, one of the strongest Hurricane ever in the Atlantic with wind speed just shy of a record 190 miles per hour. On Wednesday it is forecasted to hit several Caribbean islands including U.S. territory Puerto Rico and could very well make a landfall in Florida by the end of the week. Florida and Puerto Rico have already declared states of emergencies in preparation, freeing up resources for shelters, evacuations, and deploying National Guard members to help respond to the powerful storm. Officials in Miami-Dade in Florida County are currently considering starting evacuations of some residents on Wednesday. Mandatory evacuation orders are underway in the Florida Keys. However, it is still too early to predict whether the storm will hit Florida mainland or not but chances are increasing.
The price of orange Juice concentrates spiking higher as Irma approaches. This chart from Investing.com shows, the On Friday last week, the price was at $135 for a 15,000-pound contract for November delivery but on Tuesday (Monday U.S. market was closed) the price was at $145 and today it has reached $149.5. Before the storm formed, Florida was expected to produce more than half of the U.S. oranges and nearly half of the country's grapefruit, according to the U.S. Department of Agriculture's forecasts in July. Florida is the world's second-largest orange juice producer, after Brazil.
