Orange-Juice Futures Rise Most in Three Months; Cotton Declines
Orange-juice juice futures rose the most in three months on storm concerns in Florida, the world’s second-biggest producer. Cotton declined.
A low-pressure system in the Atlantic Ocean, about 1,500 miles (2,400 kilometers) east of the Windward Islands, has a 70 percent chance of becoming a tropical cyclone, the National Hurricane Center in Miami said. The Thomson Reuters/Jefferies CRB Index of 19 raw materials rose for the first time in five sessions as Greek debt concerns eased.
“Speculators came back, like they do this time of year, when there’s news about a possible storm” hurting crops in Florida, Michael Smith, the president of T&K Futures & Options in Port St. Lucie, Florida, said in a telephone interview. “There’s also optimism that a deal with the Greek government will be reached, signaling that the worst for commodities might be over.”
Orange-juice futures for November delivery rose 5.3 cents, or 3.2 percent, to settle at $1.6845 a pound at 2 p.m. on ICE Futures U.S. in New York, the biggest gain for a most-active contract since June 21. Last week, the price slumped 3.5 percent.
Cotton futures for December delivery slid 0.11 cent, or 0.1, percent, to $1.0541 a pound in New York. The price dropped for the fourth straight session, the longest slump since early June.
To contact the reporter on this story: Marvin G. Perez in New York at mperez71@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net
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