Orange Juice Futures Swing as Forecasters Cry Wolf
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Orange Juice futures swung wildly over the past few sessions due to inaccuracies in the highly complex game hurricane forecasting. Last week orange juice futures spiked on reports that hurricane Isaac would make a direct hit on Florida, potentially ruining crops. Since then the storm has tracked westward away from Florida and toward Louisiana. As a result, orange juice futures have collapsed, causing headaches for investors, forecasters, and farmers hoping to hedge their losses. The storm's unpredictable movement illustrates the difficulty forecasters still have predicting hurricanes, despite major advances in technology. Hurricane Isaac is expected to make landfall in Louisiana.
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