Good citrus harvest in Florida, orange juice futures fell

Good citrus harvest in Florida, orange juice futures fell. Orange juice futures prices fell the most in the past two weeks due to a good citrus harvest in Florida, and cocoa futures prices also fell...

Orange juice futures prices fell the most in the past two weeks due to a good citrus harvest in Florida, cocoa futures prices also fell, while coffee futures prices rose slightly.

Florida's citrus production season runs from October to June. According to a survey of seven analysts by Bloomberg News, production this year is likely to increase 4% from the same period last year to 152.4 million cases, with a case weighing 90 pounds. This is the highest level since 2009. The USDA will release its first estimate of citrus production on Oct. 11. Florida is the second largest citrus growing region in the world, while Brazil is the largest producer. Finn Schaefer, president of Infinity Trading Corp. in Medford, Ore., said in an email that the weather in Florida has been very favorable for citrus production, which has pushed the price of orange juice down, and in the short term, the price may drop to $1 per pound. On the New York Futures Exchange, data for November orange juice deliveries fell 1.7% to close at $1.132 on Monday morning. The price marked the biggest drop since September 25. The last biggest drop was on May 23, when the commodity dropped below $1 on delivery.

The dollar has climbed relative to some major currencies, reducing the commodity's appeal, Schaeffer said. On the ICE Futures Exchange in New York, cocoa prices for December delivery fell 0.3% to $2,374 a ton. Arabica coffee prices for December delivery rose 0.1 percent to $1.682 per pound.