NY juice ends near 2-wk low on investor liquidation

NEW YORK: Orange juice futures settled near a two-week low on Monday as a lack bullish news prompted investor liquidation throughout the day, analysts said.

Benchmark May frozen concentrated orange juice lost 3.10 cents to end at $1.857 per lb, dealing from $1.831 to $1.884. It was the lowest close for the market's second position contract in almost two weeks, Thomson Reuters data showed.

It was also the first time in five sessions that the market did not trade an inside day.

Volume traded Monday was again light as it stood about 900 lots, some two-thirds under the 30-day norm, Thomson Reuters data showed.

"We're talking good weather in Florida," said The Price Group analyst Jack Scoville. "There's no reason to be long juice at the moment."

The government's crop report also underscored the presence of more than ample supplies in the market, dealers said.

The US Agriculture Department's monthly supply/demand report on Friday estimated Florida's 2011/12 citrus production at 147 million (90-lb) boxes.

That compared with 146 million boxes in the agency's previous estimate last month. Two months ago, USDA pegged output at 147 million boxes.

The market continued to wait for any further news from the US Food and Drug Administration, which tested Brazilian juice imports due to the use of a prohibited fungicide by Brazilian citrus growers.

Copyright Reuters, 2012