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Ice covers citrus in a grove in Lakeland, Fla., Wednesday, Jan. 6, 2010.
Ice covers citrus in a grove in Lakeland, Fla., Wednesday, Jan. 6, 2010.
(Scott Wheeler/NYT)

Extreme cold hits commodities from wheat to orange juice

As frigid temperatures spread across a wide swath of the United States as far south as Florida and the Gulf coast of Texas, commodity trading has turned more volatile. Spot natural gas prices have jumped in New York, while orange juice futures have shot up. This was predictable – bitter cold drives up energy consumption, and fears that as much as 15 per cent of Florida’s citrus crop could be lost did the trick for the OJ bettors.