Commodity Blog

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Gains of Orange-Juice, Cocoa & Wheat

September 22, 2010 at 20:30 by Vladimir Vyun

Futures for orange-juice climbed to the highest level in three years as adverse weather may decrease citrus yield. Rainy season in Brazil delayed for about two weeks this year and rains expected to start next week. As a result of dry weather output of the main Brazil’s growing region estimated to total 271.7 million boxes of oranges, the smallest crop since 2001. Futures for November delivery orange-juice advanced $0.0525 (3.3 percent) to $1.6495 per pound at 10:23 on ICE.

Cocoa rose today to the highest level in four weeks on concerns that excessive rains would damage production in Ivory Coast, the largest grower in the world. Rainfall in Daloa region, the largest growing area, more than doubled from September 1st to September 10th compared with the same period in the previous year, threatening to curb output. December futures for cocoa delivery rose $21 (0.8 percent) to $2,800 per metric ton by 10:23 on ICE.

Wheat prices went up today on speculations that a weaker dollar would increase demand for US exports. Egypt, the biggest wheat buyer in the world, purchased 220,000 metric tons of grain from the US today. December futures for wheat delivery climbed $0.0475 (0.7 percent) to $7.2275 per bushel as of 11:27 on CBoT.

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