Orange Juice Futures––Orange juice futures in the July contract finished up 20 points at 98.20 in a relatively quiet trading session this Wednesday afternoon in New York as I am currently sitting on the sidelines waiting for a trend to develop.
If you are short a futures contract as an exit strategy I would place my stop loss above the May 15th high of 107.80 as I would think if that level is breached you no longer would want to be short.
If you are bullish orange juice and you think prices have bottomed out I would place my stop loss under the May 6th contract low of 90.60 as an exit strategy because if that level is broken you don’t want to be long as well. Juice prices are trading below their 20 & 100 day moving average as the trend still is to the downside as I still have a bearish bias towards this commodity.
I’m also recommending short positions in cotton and in sugar as the agricultural markets remain weak except for corn & wheat and that’s all due to adverse weather conditions.
Harvest in the state of Florida continues as we should have high production numbers which should increase carry over levels once again as weak demand coupled with a strong U.S dollar continues to depress prices,however I would like to see the chart structure improve before entering.
CHART STRUCTURE: IMPROVING
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