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Orange Juice Drops as Inventories Swell amid Falling Demand

June 25, 2013 at 22:47 by Vladimir Vyun

Orange juice slumped today, heading to the biggest drop in more than a year. According to the Florida Department of Citrus, retail sales of the juice declined 1.3 percent as of June 8 from the previous month. The US Department of Agriculture reported that inventories grew 2 percent in May from April to 471,736 metric tons.

The weather forecast is not supportive for the commodity either. The storm season starts soon, but forecasters predict no hurricanes until at least late July. It means that there will likely be ample supply.

September futures for delivery of orange juice tumbled as much as $0.0615 (4.38 percent) to $1.3420 per pound as of 22:38 GMT on ICE today. Earlier, the price reached $1.3255 per pound, the lowest level since April 1. The agricultural commodity has dropped for the seventh straight session, the longest decline since July. Futures were down 11 percent this month, the biggest drop since May 2012.

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