A new FDA report over the possible presence of an unapproved fungicide in Brasil's orange juice exports has spooked OJ futures...sending them up 11%...to an all time high.
The report follows a brief freeze in Florida that also sent prices higher.
The new price...$2.12...exceeds a 2005/2006 four-fold increase that followed several Florida hurricanes.
The fungicide carbendazim...is widely used in Brasil...but not authorized in the USA.