NEW YORK (AP) — Sugar and orange juice prices are rising after the Department of Agriculture's latest report predicted smaller supplies of the crops than previously estimated.
Grains are little changed after the report Tuesday. Grain supply levels were in line with expectations, said Frank Cholly Sr., a senior market strategist at Lind-Waldock.
The USDA cut its forecast for the 2009-2010 orange harvest by 3 percent from last month's estimate. Freezing temperatures in Florida in early January destroyed some of the crop.
With less supply of fresh fruit, the price of frozen orange juice concentrate for March delivery rose $3.40, or 3.4 percent, to settle at $1.3765 a pound.
Supply was also a concern for sugar, which rose 0.47 cents to 27.07 cents a pound.