Jan. 10 (Bloomberg) -- Orange-juice futures gained the most in four weeks on speculation that the U.S. will cut its forecast for output in Florida, the world’s second-biggest citrus grower. Sugar, coffee, cocoa and cotton also advanced.
In the season that started Oct. 1, Florida may harvest 145.16 million boxes of oranges, down from 146 million projected in December by the U.S. Department of Agriculture, according to the average of eight analysts in a Bloomberg survey. The Washington agency will update its estimate at noon tomorrow. Last month, the projection was reduced by 5.2 percent.
“Friday’s report will likely show another small cut in production,” Sterling Smith, a futures specialist at Citigroup Inc. in Chicago, said in a report. “If we get a surprisingly large cut, the market could be caught by surprise at these levels.”
Orange juice for March delivery rose 1.5 percent to settle at $1.124 a pound at 1:41 p.m. on ICE Futures U.S. in New York, the biggest gain for a most-active contract since Dec. 13. A box weighs 90 pounds, or 41 kilograms. Brazil is the top producer.
Most commodities and U.S. equities advanced after exports of all goods last month by China increased more than forecast.
“The positive data coming out of China” supported raw materials, Michael McDougall, a senior vice president at Newedge Group in New York, said in a report. “We are seeing a redirection of asset capital into more risky assets.”
Raw-sugar futures for March delivery climbed 1.3 percent to 18.96 cents a pound in New York.
Arabica-coffee futures for March delivery increased 1.2 percent to $1.4965 a pound.
Cocoa futures for March delivery rallied 2.1 percent to $2,269 a metric ton.
Cotton futures for March delivery advanced 0.5 percent to 75.2 cents a pound.
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