Orange-juice futures fell for the first time in two weeks as concern eased that severe weather may hurt groves in Florida, the world’s second-largest citrus grower. Cotton dropped, while cocoa rose.
Tropical Storm Chantal may be falling apart in the Caribbean Sea, according to the U.S. National Hurricane Center in Miami. Yesterday, futures capped the longest rally since December amid speculation that Florida’s crops may be threatened during the Atlantic hurricane season that runs until Nov. 30.
“Speculators got in there expecting that something might happen on the bullish side,” Michael Smith, the president of T&K Futures & Options in Port St. Lucie, Florida, said in a telephone interview. “It seems that the storm is going to be just a rain event with minimum winds.”
Orange juice for September delivery fell 1.3 percent to $1.3485 a pound at 10:06 a.m. on ICE Futures U.S. in New York. The commodity climbed in the previous eight sessions, advancing 6.9 percent.
Through yesterday, orange juice rose 16 percent this year. Brazil is the top citrus producer.
Cotton futures for December delivery fell 0.2 percent to 85.83 cents a pound on ICE.
Cocoa futures for September delivery advanced 0.1 percent to $2,189 a metric ton.
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