Orange Juice Futures—Orange juice futures in the September contract is currently trading lower by 180 points at 101.10 reversing some of the sharp gains we witnessed in yesterday’s trade on concerns of tropical storms hurting the juice crop in the State of Florida.
I have been recommending a bearish position from the 98.50 level as we are behind water on this trade at the current time, however place the stop loss above the 2 week high standing at 107 as an exit strategy.
The commodity markets in general are looking weak due to the fact of a global slowdown and a currency war with China as the tide has turned in many sectors as all the money is entering the precious metals and the bonds as a flight to quality.
Orange juice prices are still trading under their 20 and 100 day moving average since they did break out of an 8-week consolidation earlier in the trading week so stay short & continue to place the proper stop loss as ideal weather conditions in the State of Florida and the country of Brazil which is the largest producer in the world remain ideal.
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