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March 11th, 2013
Orange juice futures rose to an 11-week high on mounting concern that dry weather will curb output in Florida, the world’s second-biggest citrus grower. Cocoa and sugar also gained, while coffee and cotton declined.
Florida’s citrus belt will get drier-than-normal weather during the next two weeks, with the best chance for light rain expected tomorrow, Bethesda, Maryland-based Commodity Weather Group LLC said in a report today. Last week, the U.S. Department of Agriculture cut its estimate of orange production in Florida by 1.8 percent because of dry conditions and citrus greening, a crop disease.
“It is all about how much damage the dry weather will cause before the rainy season starts in June,” Fain Shaffer, the president of Infinity Trading Crop in Medford, Oregon, said in an e-mail.
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March 8th, 2013
Orange Juice Futures – Florida’s orange crop, the world’s second biggest, will be 1.4 percent smaller than forecast in February, the government said, on signs of worsening damage from citrus greening, a plant disease.
The state will produce 139 million boxes of the fruit in the harvest that runs from October through June, down from 141 million forecast a month ago, the U.S. Department of Agriculture said today in a report. The average estimate of seven analysts and traders in a Bloomberg News survey was 139.6 million boxes. Florida produced 146.6 million boxes in the previous season.
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January 30th, 2013
Orange-juice futures jumped the most in seven weeks on concern that a crop disease will curb output in Florida, the world’s second-biggest citrus grower. Cotton also rose.
On Jan. 11, the U.S. Department of Agriculture cut its estimate for Florida’s orange output as citrus greening, a bacterial disease, damaged groves. Prices have climbed 4.8 percent since the day before the government report.
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December 18th, 2012
Orange-juice futures climbed to a seven-month high in New York on speculation that dry weather will further damage citrus crops in Florida after the U.S. cut its estimate for production last week.
Precipitation will “generally be below normal during the first half of January,’ Donald Keeney, a senior meteorologist at MDA Information Systems Inc. in Gaithersburg, Maryland, said today in an e-mail. Florida is the world’s biggest citrus grower after Brazil. On Dec. 11, the U.S. Department of Agriculture cut its forecast for the state’s output by 5.2 percent after dry weather caused fruit to spoil.
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December 13th, 2012
Orange-juice futures that rallied to a seven-month high yesterday may jump 16 percent further by mid- February, according to technical analysis by Infinity Trading Corp.
Prices will top $1.60 a pound on ICE Futures U.S. in New York, the highest since April 5, after completing the “cup-and- handle” formation, said Fain Shaffer, the president of the Medford, Oregon-based Infinity. The futures contract for delivery in March closed yesterday at $1.375.
The so-called cup formation was created as March futures slumped from a high of $1.3095 on Sept. 14, bottoming at $1.0675 on Oct. 31, before resuming gains in a U-shaped turn that peaked Nov. 26 at $1.2865. When the price approaches its previous high, investors who bought at or near that level tend to sell. That occurred in the two weeks ended Dec. 10 that resulted in a so- called handle.
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December 11th, 2012
Orange Juice Futures—Investors piled into orange-juice futures, placing bets that prices would rise after federal forecasters cut their estimate for Florida’s citrus crop by 5.2%.
“The production figure is below what a lot of people had anticipated,” said James Cordier, president of Liberty Trading Group in Tampa, Fla. Market participants said drier-than-normal weather in Florida, the No. 1 orange-producing state, contributed to the projected reduction in output.
Frozen orange-juice concentrate for January delivery on the ICE Futures U.S. exchange settled 3.6% higher at $1.2990 a pound Tuesday, the highest settlement since Sept. 14. Futures traded as high as $1.34 a pound in intraday trade, a level the most-active contract last saw in May.
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November 12th, 2012
Orange Juice Futures – Orange shipments from Brazil to the European Union were suspended after EU officials found samples with black spot fungus, a Brazilian government official said.
Brazil, the world’s largest producer, halted the shipments on Oct. 24 after the EU reported that six containers of oranges were found with traces of the fungus, Cosam Coutinho, director of vegetable sanitation at the Agriculture Ministry, said in a telephone interview from Brasilia.
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October th, 2012
Orange juice futures headed for the biggest drop in almost two weeks on signs of higher output in Florida, the world’s second-biggest citrus grower. Cocoa also fell, while coffee gained.
Florida’s orange production in the season that runs from October to June may increase 4 percent from a year earlier to 152.4 million boxes, the highest since 2009, according to a Bloomberg News survey of seven analysts. The U.S. Department of Agriculture will release its first estimate of the crop on Oct. 11.
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September 24th, 2012
Orange-juice futures tumbled as investors exited seasonal bets that prices would rise because of hurricane-related crop damage.
“We’re turning the corner on hurricane season,” said James Cordier, president of Florida-based Liberty Trading Group. “While it’s not officially over…weather conditions right now are very negative for tropical formations.”
Orange juice for November delivery on the ICE Futures U.S. exchange was 5.1% lower at $1.1850 a pound in late Monday morning trade, after touching a near three-week intraday low of $1.1760 a pound.
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September 5th, 2012
Orange juice futures rose, capping the longest rally in almost year, on speculation that storms may threaten crops in Florida, the world’s second-largest citrus grower. Cotton dropped.
Tropical Storm Leslie will move northward in the Atlantic from Bermuda on a path to eastern Canada, said Donald Keeney, a senior agricultural meteorologist with MDA Information Systems Inc. An area of low-pressure over southern Alabama and the Florida Panhandle is expected to move into the north-central Gulf of Mexico as early as today, the Miami-based National Hurricane Center said.
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