Are Orange Juice Prices Going Higher ?

Are Orange Juice Prices Going Higher ?
Are Orange Juice Prices Going Higher ?

Orange Juice Futures—Orange juice futures in the November contract is trading lower for the 3rd consecutive session down another 135 points at 98.00 as this commodity has been stuck in the mud since April while looking to break out possibly to the upside in the coming weeks ahead.

Seasonably speaking orange juice prices are starting to enter the volatile winter season as a frost can devastate the crop in the State of Florida, but at this point in time be patient and wait for the breakout to occur as trading in choppy markets is very difficult to be successful over the course of time in my opinion. Juice prices are trading below their 20 and 100 day moving average as we continually test the 95 level, however as long as that holds a longer-term bottom might be in place.

Fundamentally speaking ideal growing conditions and increased oranges production estimates by USDA are bearish as the USDA estimated Florida production at 74 million boxes as inventories of FCOJ in the state are high and are more than 30% above last year.

TREND: MIXED—LOWER

CHART STRUCTURE: IMPROVING

VOLATILITY: LOW


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