(Corrects to show cotton and coffee rose in the headline.)
Nov. 14 (Bloomberg) -- Orange juice futures reached a two-week high on speculation that cooler weather might hurt groves in Florida, the world’s second-largest grower. Cotton and coffee rose, while sugar fell.
The U.S. East Coast may end November with temperatures 3 degrees Fahrenheit (1.7 Celsius) below normal, according to Commodity Weather Group LLC. In the week ended Nov. 6, money managers and speculators more than doubled their net short-positions, or bearish bets, to 1,798 futures and options, the most since mid-August, government data show.
“It’s turning cold, and this is reminding everybody what’s coming” Jack Scoville, a vice president for Price Futures Group in Chicago, said in a telephone interview. “People are trying to get out of shorts.”
Orange juice for January delivery jumped 3 percent to close at $1.128 a pound at 1:38 p.m. on ICE Futures U.S. in New York, after reaching $1.136, the highest since Oct. 25.
Orange shipments from Brazil, the largest grower, to the European Union were suspended last month after EU officials found samples with black spot fungus, a Brazilian government official said on Nov. 12.
“The ban on Brazil could also be supporting the demand outlook for fruit from the U.S. because they are our competitors,” Scoville said.
Cotton futures for March delivery advanced 0.9 percent to 71.26 cents a pound in New York.
Arabica-coffee futures for March delivery gained 1 percent to $1.5275 a pound on ICE.
Raw-sugar futures for March delivery dropped 0.6 percent to 19.24 cents a pound on ICE.
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