Orange-Juice Futures Advance on Florida Crop Concerns
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Orange-juice futures rose for the fourth straight session on concern that dry weather may curb yields in Florida, the world’s second-largest citrus grower. Cotton, sugar and coffee fell, while cocoa gained.
Precipitation in most of Florida’s citrus belt in the past month was 20 percent to 60 percent of normal levels, and the moisture deficit will continue to increase in the next 30 days, Commodity Weather Group LLC said on Feb. 22. Fund managers more than doubled their bets on rising orange-juice prices in the week ended Feb. 19, government data show.