Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Orange-Juice Futures Jump Most in 11 Weeks; Sugar Slumps

Don't Miss Out —
Follow us on:

Aug. 19 (Bloomberg) -- Orange-juice futures jumped the most in 11 weeks on speculation that citrus output will drop in Florida, the world’s second-largest grower. Sugar tumbled the most in two months. Coffee and cotton fell, while cocoa rose.

Florida will probably produce 130 million boxes of oranges in the year beginning Oct. 1, based on fewer trees and lower yields, according to Elizabeth Steger, a consultant in Kissimmee, Florida. Output in the current season was 133.4 million boxes, according to the U.S. Department of Agriculture. A box weighs 90 pounds, or 41 kilograms.

“We’ve just been seeing supply continue to dwindle due to drought in Florida earlier this year,” Fain Shaffer, the president of Infinity Trading Corp. in Medford, Oregon, said in a telephone interview. Steger’s forecast is bullish, he said.

Orange juice for November delivery rose 3 percent to settle at $1.359 a pound at 2 p.m. on ICE Futures U.S. in New York, the biggest gain for a most-active contract since May 29. The price has climbed 16 percent this year. Brazil is the top grower.

Raw-sugar futures for October delivery declined 2.4 percent to 16.53 cents a pound, the largest drop since June. Earlier, the price touched 16.45 cents, the lowest since July 29.

Arabica-coffee futures for December delivery dropped 0.7 percent to $1.2275 a pound.

Brazil is the world’s biggest exporter of sugar and coffee. Today, the real tumbled to a four-year low against the dollar, boosting prospects for more shipments of the raw materials priced in the greenback.

“The weak real will continue to put pressure” on the commodities, Judy Ganes-Chase, the president of J. Ganes Consulting in Panama City, Panama, said in a telephone interview.

Sugar and coffee futures have dropped 15 percent this year.

Cotton futures for December delivery fell 0.5 percent to 92.86 cents a pound. On Aug. 16, the price reached 93.72 cents, the highest since March 15.

Cocoa futures for December delivery rose 0.7 percent to $2,512 a metric ton. The price has climbed 12 percent this year.

To contact the reporters on this story: Luzi Ann Javier in New York at ljavier@bloomberg.net; Marvin G. Perez in New York at mperez71@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.