Orange juice futures are surging as Hurricane Dorian threatens to devastate Florida's groves
- Orange juice futures hit a 12-week high of $1.06 per pound on Friday, as Hurricane Dorian threatened to ravage Florida's orange groves this Labor Day weekend.
- The commodity's price has jumped 9% this week as traders brace for the storm.
- Florida's orange industry was hammered by Hurricane Irma two years ago, which slashed production to its lowest levels since 1945, according to Bloomberg.
- Watch orange juice trade live.
Orange juice futures hit a 12-week high of $1.06 per pound on Friday, as Hurricane Dorian threatened to ravage Florida's orange groves this Labor Day weekend.
The commodity's price has climbed about 9% this week as traders brace for the storm, which is predicted to strike the state's east coast as a Category 3 storm on Sunday.
Florida's orange growers are preparing for heavy rain and 130 mile-per-hour winds, just two years after Hurricane Irma caused billions of dollars in damage and slashed production to its lowest level since 1945, according to Bloomberg.
"One has to be very nervous given the recent path projection," Roy Royce - head of the Highlands County Citrus Growers Association, which produces about 14% of the state's oranges - told Bloomberg.
