Commodity Blog

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Orange-Juice Rises on Good Harvest, Corn Goes Up

April 9, 2010 at 20:32 by Vladimir Vyun

The orange-juice price fell as the orange crop in Florida will be larger by 0.5 percent than predicted in the previous month. The U.S. Department of Agriculture reported today that output will reach 131.6 million boxes by the end of July, compared to the previous estimate of 131 million boxes. The influence of the January frosts, which caused the expectations for the low output, proved to be less severe than previously though. May futures for orange-juice delivery declined $0.0385 (3 percent) to $1.265 per pound yesterday on ICE Futures U.S. in New York.

Corn slid in Chicago today on the speculation that over the next 10 days the weather in the Midwest will be warm, making fields dry enough for the start of the planting in the U.S. The U.S. planting season may begin as the high temperature, reaching 11 degrees Fahrenheit above normal, will make the soil dry and solid enough for the farming machinery. Another reason for the price’s increase is the speculation that the global supplies and the U.S. inventories will rise. July futures for corn delivery dropped $0.0125 (0.3 percent) to $3.5825 per bushel by 10:43 on CBoT.

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