Hurricane Dorian devastated the Bahamas and brought high winds, tornadoes, and dangerous flooding along much of the Atlantic Coast of the United States, but the storm largely spared inland Florida, leavings its orange groves intact.
Frozen orange juice futures exploded ahead of the storm, topping out at $1.10 per pound last Friday, only to tumble this week once it was clear the storm was heading farther north, dropping over 10% to near 97 cents per pound on Tuesday.
OJ’s wild action serves as a reminder that dangerous storms can make for treacherous markets as well.