US Orange Juice imports fell 3% in Y 2011
US imports of OJ fell by 3% in Y 2011, with top grower Brazil supplying more than 50%, the Florida Department of Citrus said Tuesday.
But the value of the OJ was + 23% on the year, according to a report by the state agency. It is a factor that may drive already weak demand even lower and weigh on futures prices.
Earlier this month, the Florida Department of Citrus, citing Nielsen data, said US retail sales volume of OJ in the 2011-12 season that started in October through 21 January dropped 9.1%, while prices climbed 7.6% to $6.13 gal over a similar period a year ago.
Frozen Orange Juice concentrate for March delivery on ICE Futures US were recently trading $1.8380 lb, down 0.2% on the day.
Futures have dropped 19% since hitting a record peak in January after the Food and Drug Administration announced it would test OJ imports after a fungicide whose use is not approved for US oranges was detected in imported Brazilian juice.
The agency said earlier this month that while it had found some of the fungicide carbendazim on some imports and domestic supplies, it did not intend to ban imports.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels. www.livetradingnews.com
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