Markets

NY juice ends up again on dry Florida weather

Published Updated

The most-active July FCOJ contract on ICE Futures US gained 2.50 cents to finish at $1.6870 per lb, trading from $1.6705 to $1.6965. May ended up 2.45 cents at $1.7655 per lb.

July rose for a fourth straight week, its longest streak since September 2010. For April, it gained 5.7 percent, the biggest monthly gain in four months.

Total volume reached about 1,500 lots at 4:07 p.m. EDT (2007 GMT), about one-third below its 30-day norm, Thomson Reuters preliminary data showed.

A Florida OJ broker said that most of Friday's gains in quiet dealings were related to dry weather in Florida and broad-based commodity gains led by gain in precious metals and crude oil.

Recent dry conditions have caused many producers to irrigate their orchards, something that analysts said will boost the price of oranges.

In Florida, DTN Telvent forecast a few showers and thunderstorms Friday, with dry weather to persist on the weekend through Tuesday. Temperatures were expected to be near to above normal during the period.

Total volume traded in the market stood at 2,587 lots as of April 28, from the previous tally of 2,146 lots, ICE Futures US data showed.

Open interest in the juice market reached 28,062 lots on April 28, down from 27,639 lots in the previous session, the exchange said.

Copyright Reuters, 2011