Orange juice futures surged Tuesday amid fears the U.S. government could ban Brazilian oranges after low levels of fungicide were detected by a juice company.
March orange juice futures jumped 9.6%, or 20 cents, to $2.0775 a pound on the ICE Futures Exchange, which traders said was the highest level since 1977.
"My guess is that they will ban Brazilian oranges," said Tod McElhaney, president of LaSalle Futures Group. "If that happens, you would certainly see a lessening of supplies that could push prices higher."
The FDA said it learned late last month that an unspecified juice company had found low levels of fungicide in its own products, as well as orange juice and concentrate made by competitors, according to a letter dated Jan. 9.
Read the rest of "Orange juice futures spike on fungicide fears" on CNNMoney.
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