business news in context, analysis with attitude

The Wall Street Journal reports that “Florida farmers will sustain at least a 30% crop loss due to freezing temperatures, resulting in losses of the hundreds of millions of dollars, according to preliminary data from the Florida Department of Agriculture & Consumer Services ... Everything from fruits and vegetables to nursery plants and shrubs to tropical fish felt the effects of the freeze. Tomatoes were particularly hard hit, with about 70% of the crop in southwest Florida, a main growing region, likely wiped out.”

In addition, the Journal writes, “some products will be in short supply and prices will be higher, as crops such as citrus, tomatoes, sweet corn, bell peppers, snap beans, strawberries and squash were hurt. Businesses that rely on Florida produce may have to scramble to get products elsewhere.”
KC's View: