Weather patterns are creating quite a stir in the commodity markets as orange juice futures reach a record high for the month of November. Yahoo Finance Markets Reporter Jared Blikre examines orange juice, coffee, and cocoa futures as they lead gains in commodity markets year-to-date. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
The quickly changing prices of wheat, oil and even orange juice and cocoa futures contracts are telling a story about the real-life impact of extreme weather and how geopolitical turmoil affects some of the staples of our society.
Prices for orange juice rose on Tuesday to the highest since future contracts started trading in New York in 1966 as an outlook for limited production in the United States, Brazil and Mexico boosted investors' interest in the product. The January contract of frozen concentrated orange juice (FCOJ) on the Intercontinental Exchange (ICE) hit an all-time high of $4.17 per pound during the session, before falling back to $3.83 per pound. The contract was up 90% this year.