Temperatures in the U.S. this summer will be cooler than the past two years and the number of hurricanes coming out of the Atlantic will probably be less than 2011, forecasters from MDA EarthSat Weather said.
Hurricane Irene is expected to grow into a major storm in the next day as it rips through the Bahamas before going ashore in North Carolina over the weekend and moving up the East Coast, possibly threatening New York and New England.
Orange-juice futures rose to a two- week high on speculation that a tropical storm heading toward Florida will damage citrus groves in the state, the world’s second-largest producer. Cotton rose to a two-week high.
Hurricane Irene is forecast to turn north into the U.S. on a path similar to 1985’s Hurricane Gloria, threatening as much as $13.9 billion in insured losses and possibly forcing the evacuation of parts of New York City, officials and forecasters said.
The worst U.S. crop conditions since the dust bowl era of the 1930s are tightening domestic supplies of cotton and boosting prospects for a rebound in prices that fell more than any other commodity this year.
Orange-juice futures rose to a one- week high on signs that the hurricane season will be more active in the Atlantic and the Gulf of Mexico, boosting the risk of damage to Florida citrus groves. Cotton fell.