Orange-Juice Futures Extend Slump on Weak Demand
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Orange-juice futures tumbled to a 19-month low on speculation that citrus crops in Florida face no weather threat until the start of the hurricane season in June, amid mounting concern that demand will drop. Cotton rose.
Groves in Florida, the world’s biggest orange grower after Brazil, escaped damage from cold weather during the winter months. The state’s crop is forecast to rise 3.3 percent from last year, the Department of Agriculture said yesterday. U.S. retailers sold 252.23 million gallons (954.8 million liters) of the beverage since Oct. 1, down 11 percent from a year earlier, the Florida Department of Citrus said on April 2, citing Nielsen Co. data.