US soft drink giant Coca-Cola Co, producer of Minute Maid, said today (29 January) that it will be passing on a 6-9% rise in orange juice prices as a result of freeze-related losses to the Florida orange crop.
Earlier this month, orange juice futures spiked 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 on prices.
Ray Crockett, spokesman for Minute Maid, said: “We are still evaluating the impact of the reduced crop volume, lower crop yield and freeze damage and their expected effect on orange costs for 2010, but we anticipate that we will be passing on a 6%-9% cost increase to retailers effective in April.”
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.
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