Wednesday, 07 March 2012 02:03
NEW YORK: Orange juice futures ended lower Tuesday, snapping a five-day winning streak, as investors took profits on the recent rally ignited by worries about juice imports from the world's top producer Brazil.
Investors cashed in on the more than 10 percent rise in February as the threat of frost in Florida's groves diminished, analysts said.
"Given the current price levels and where we are in the calendar there's not a lot of frost risk in this market," said Sterling Smith, an analyst for Country Hedging Inc in St. Paul, Minnesota.
"That led to some profit-taking on the rally," he added.
Benchmark May frozen concentrated orange juice settled down 2.25 cents at $1.8985 per lb after trading from 1.85 to $1.93.
Traders awaited a USDA Florida citrus output report due on Friday.
Uncertainty over tests by the US Food and Drug Administration given to Brazilian juice imports due to the use ...