Orange Juice Futures—Orange juice futures in the March contract is trading slightly higher for the 2nd consecutive session up 50 points at 120.55 in a relatively quiet trading manner this Monday afternoon in New York.
At the present time I’m sitting on the sidelines, however I do believe that prices are forming a bottom as the downside is very limited and if you take a look at the daily chart the 115 level has held on multiple occasions as I will only be looking at another bullish position as the highly volatile winter season is upon us.
If you take a look at the 7/10 day weather forecast there is no frost insight as that is why prices remain depressed as historically speaking prices are very discounted. Juice prices are trading below their 20 and 100 day moving average as the trend still remains to the downside as this commodity has been unable to join the party of several other agricultural sectors, but I think eventually prices will move higher and if you are a long-term investor I see no reason not to be a buyer.
CHART STRUCTURE: IMPROVING
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