According to the Weather Prediction Center in College Park, Maryland 90% of the contiguous U.S. will be either at or below the freezing point. The coldest weather in 20 years is affecting the Central U.S. to the East Coast. As much as 15% of winter wheat in the Great Plains faces damage, and as temperatures fall in Florida into the 20’s, citrus groves are in danger. Cattle will have trouble maintaining or gaining weight, and slaughter and transportation of animals will slow, driving cattle futures to $1.371 per pound – the highest since Chicago trading began in 1964. Meatpackers processed 15% fewer cattle and 26% fewer hogs on January 6th than a week before. After orange juice futures rose 19% in 2013 as a result of the effects of the citrus disease citrus greening, Florida groves could suffer as much as a 15% loss of citrus plants because of the freeze.
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