In medium-size, heavy-bottomed saucepan, add orange juice, wine, water and turmeric and bring to a simmer over high heat. Reduce heat to medium and cover, simmering for 20 minutes. Uncover and continue to simmer over medium heat until the parsnips are soft when pierced with a fork.
Transfer parsnips and the remaining liquid in the pan into a food processor and process until smooth. Add butter, salt and cayenne and continue to puree until butter is incorporated.