Orange juice futures spiked this week over fears that a cold snap in the US would hit supplies.

Freezing temperatures have hit Florida's citrus growing region, the world's second-largest orange supplier, extending a rally in futures prices in a market that experienced price rises of 81% last year.

US soft drink giant Coca-Cola Co, producer of Minute Maid, told just-drinks yesterday (7 January) that it is "watching the situation" and will make a decision on pricing "at the appropriate time".

Tropicana juice producer PepsiCo said that, although temperatures had been in the mid-twenties in many parts of the Florida Citrus Belt, the region has not experienced what would be considered "a damaging freeze" for orange crops to this point.

"We're in the middle of an unusual cold spell that is predicted to last through this Sunday, 10 January. We are monitoring the situation and should know more in the coming weeks," a spokesperson said.

Freezing temperatures could damage a crop already expected to decline due to a dwindling number of acres planted and greening disease, which forces farmers to uproot trees, according to reports.