Orange Juice Falls on Forecast for Bigger Florida Harvest; Cotton Rises

August 26, 2010 at 11:10 am Leave a comment

Orange-juice futures fell after independent forecaster Elizabeth Steger predicted a 15 percent increase in the 2010-2011 Florida orange crop, the world’s second biggest. Cotton rose.

Florida’s next crop will total 154 million boxes, according to Steger, the founder of Citrus Consulting International in Orlando, Florida. This year’s harvest totaled 133.6 million boxes, the smallest since 2007, according to the U.S. Department of Agriculture.

“We have continued selling from yesterday’s bearish sentiment due to a larger production figure,” said James Cordier, an OptionSellers.com portfolio manager in Tampa, Florida. “That’s the weighing factor on the market right now.”

Orange-juice futures for September delivery fell 0.7 cent, or 0.5 percent, to $1.338 a pound at 10:36 a.m. on ICE Futures U.S. in New York, heading for the third straight decline.

Steger has been forecasting Florida’s orange crop since 1992 and her estimates are widely followed by the citrus industry.

Cotton for December delivery rose 0.12 cent, or 0.1 percent, to 84.14 cents a pound in New York. The fiber has gained in two of the past three sessions.

To contact the reporter on this story: Jennifer A. Johnson at Jjohnson133@bloomberg.net

Source: http://producejournal.com/orange-juice-falls-on-forecast-for-bigger-florida-harvest-cotton-rises

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