Tags: rick | pendergraft | orange | juice | prices

Squeezing Some Sense Out of Orange Juice Prices

By    |   Tuesday, 26 Jul 2011 07:44 AM

"The Dukes are trying to corner the orange juice market. Let’s get in on it."

Sorry, but I couldn't help but make a reference to the movie "Trading Places" anytime I think about trading in orange juice I think of the classic film from the '80s that starred Dan Aykroyd and Eddie Murphy.

The reason I felt the need to make this reference is due to the current Commitment of Futures report for Orange Juice. Large speculators are long 17,636 contracts and that is the biggest net long position in the last year.

The price of orange juice itself has been climbing sharply during the last four months as the price has risen more than 33 percent from 151 in March to a high of 202.65 last week.

There are a number of factors behind the climb in orange juice prices, but the weather in Florida has to be a huge part of the reasoning.

We had an exceptionally cold winter this past winter followed by an extremely dry spring and now we are experiencing an unusually warm summer — yes, even by Florida’s standards it has been warm.

While the weather may have driven the prices higher, the sentiment toward orange juice has reached an extreme level of bullishness and I look for prices to fall during the coming months.

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Pendergraft
The Dukes are trying to corner the orange juice market. Let s get in on it. Sorry, but I couldn't help but make a reference to the movie Trading Places anytime I think about trading in orange juice I think of the classic film from the '80s that starred Dan Aykroyd and...
rick,pendergraft,orange,juice,prices
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2011-44-26
Tuesday, 26 Jul 2011 07:44 AM
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