|Day's Range||251.35 - 258.95|
Brazilian orange juice maker Citrosuco has created a company to supply food ingredients, an executive said on Wednesday, capitalizing on abundant raw material supplies while tapping into a lucrative market niche. Evera, as the venture is called, will process orange parts like husks, peels, leaves, flowers and seeds to produce fibers and oils that can be mixed into food and beverages, Chief Business Officer John Lin said in an interview. The initiative reflects Citrosuco's drive to balance large-volume businesses that have lower margins and a presence in market segments with smaller volumes but higher prices and margins.
Orange juice futures on ICE exchange traded up as much as 5.5% on Wednesday as Hurricane Ian hit the Florida coast, threatening to damage orange trees in the largest producing state. Meat companies also braced for the brunt of the storm hitting the southeastern United States, where livestock and chickens are raised, while agribusiness Cargill Inc shuttered facilities that handle products ranging from grains to salt. Forecasters say Ian would unleash wind-driven high surf and torrential rains that may cause coastal flooding of up to 12 feet (3.7 meters) in Florida.
The stakes are high on Wall Street this week as quarterly results from names including Netflix, Tesla, and Twitter kick the earnings season into full swing.