Yeah, you’re freezing your butt off and getting tired of digging your car out — and it’s only early January. But the real crisis is coming later this year, when this cold winter will cause prices of orange juice, bacon and cereal to skyrocket. That’s right: when it comes to commodity futures, it’s all about breakfast.
According to Bloomberg:
For U.S. agriculture “the main story is that the cold could cause problems for central Plains wheat and widespread frost for Florida citrus,” Matt Rogers, a forecaster at Commodity Weather Group, said in a note to clients.
In citrus-growing areas of Florida and Texas, the lows hovered just above freezing in most areas last night, sparing the crops, AccuWeather said.
Orange-juice futures rose for a second day today on concern for citrus yields in Florida, the world’s largest orange grower after Brazil. …
Hog futures for February settlement climbed 1.75 cents, or 2.7 percent, to 67.6 cents a pound in Chicago. Earlier, the most-active contract touched 67.8 cents, the highest price since Dec. 3.
The good news? Well, by the time you’re done looking at your next heating bill — oil is up 14% in the past nine days — you probably won’t have much of an appetite left for breakfast.