Orange juice contracts decline as fears of major crop destruction decline; metal prices climb

OJ contracts plummet as freeze fears wane

NEW YORK — Orange juice futures contracts are plummeting after investors became more confident Florida’s crop was spared major damage from freezing temperatures over the weekend.

Traders are selling off March contracts for frozen orange juice concentrate in droves. Prices fell 19.30 cents, or 12.8 percent, to settle at $1.3185 a pound Monday.

Despite the apparent confidence from traders, trade group Florida Citrus Mutual said it was too early to tell how much of an effect the recent freezing temperatures had on orange groves throughout the state.

Carlos Sanchez, an analyst with CPM Group in New York, said the volatility seen in trading in recent days could continue, especially if there is another round of cold weather.