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Orange Juice Futures Advance on Concern Storm May Hit Florida GrovesJuly 3rd, 2008Orange juice futures rose on speculation a new tropical storm in the Atlantic Ocean may strike groves in Florida, the world's second-largest producer of the fruit. A tropical depression that was just upgraded to tropical storm Bertha prompted traders to buy before the three-day weekend in case prices move higher on July 7, said Fain Shaffer, president of commodity broker Infinity Trading Corp. in Medford, Oregon. Bertha formed farther east than any other tropical storm in the Atlantic in July, according to Weather Underground, an Internet-based weather forecaster. ``Bertha may or may not even hit Florida,'' Shaffer said. ``But it's heading towards the East Coast, and the market is sensitive to any disturbance.'' Orange-juice futures for September delivery gained 0.75 cent, or 0.6 percent, to $1.2965 a pound at 1:35 p.m. on ICE Futures U.S., formerly the New York Board of Trade. Most-active futures have climbed 14 percent this week on renewed storm threats. Trading is closed tomorrow for the Independence Day holiday. The potential of a new disturbance west of Barbados to cross Cuba and hit Florida also is driving prices higher, Shaffer said. Colorado State University meteorologists have projected eight Atlantic hurricanes in the storm season that runs from June to November. No hurricanes hit Florida last year. Storms in 2004 and 2005 damaged citrus groves in the state and reduced output. ``Freeze used to be the only play in the orange juice market, but because of all the damage in 2004 and 2005, people are now a lot more sensitive to storms,'' Shaffer said. - Yi Tian in New York at Bloomberg. Click here for your Free Orange Juice Futures Trading eGuide | |