The Agriculture Department stated Florida might produce 4.7 percent more boxes of oranges as compared to one year ago as the harvest is set to close at the end of this month. The Sunshine State is second to Brazil for the globe's biggest grower.
"People may be a little worried about a bearish surprise," Jack Scoville, a vice president at Chicago-based Price Futures Group, told Bloomberg. "There probably are some ideas that the boxes can come up a little bit. I think they could drop, actually, a little bit, but conditions are said to be generally good for the crops, and there’s no hurricane out there or anything like that."
At 2 p.m. on Wednesday, orange juice futures slipped 1.1 percent, a 2 cent drop to $1.82 per pound.
Prices for orange juice futures have increased 32 percent during the past 12 months.
Insidefutures.com reports orange juice futures have bounced between $1.80 and $1.88 during the past three weeks.
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