This morning, the USDA released its monthly Crop Production/Supply and Demand Report. They estimated the 2008-2009 Florida crop at 157.6 million boxes, which is slightly lower than last month's estimate of 158 million. This was a neutral to slightly friendly report. The May futures is currently up 35 points at 81.40.
Yesterday, the market broke out to the upside as stops were hit above the March 2009 high of 77.90. Volume was high. We could see this market consolidate today and volume lighten up ahead of the 3 day weekend. Support for May is at 78.00. Resistance is at 83.50.