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Atlantic American Corporation latest news:
Orange juice futures rally to 4-month high on hurricane risk
Orange juice prices jumped by more than 6% Tuesday, set to mark their highest settlement since mid-May as traders showed concern that Hurricane Irma in the Atlantic may hurt production of oranges in Florida. In a tweet Tuesday, the National Hurricane Center said, "Irma is the strongest hurricane in the Atlantic basin outside of the Caribbean Sea & Gulf of Mexico in NHC records." The storm's projected path could take it to Florida in the next several days. David Maloni, president of the American Restaurant Association, a food and energy commodity-services organization, said "most of the production is in the middle of Florida south and north of Orlando. Concern is that high winds could damage trees and shorten output for the next crop." November frozen concentrated orange juice climbed by 8.4 cents, or 6.2%, to $1.449 a pound on the ICE Futures U.S. exchange. That would be the highest settlement for a most-active contract since May 12, according to FactSet data.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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