Thursday saw the price of orange juice futures advance the most in one week of trading as the soft commodity hurtled toward its largest monthly gain in at least 24 months, Bloomberg reports.
The upward tack of the commodity's price is attributable to concerns about supplies of oranges being minimized by the U.S. Food and Drug Administration closely looking at imports of orange juice in search of a fungicide that Brazil uses but is prohibited in the U.S. This probe could continue for the next six months and results will be tallied on Fridays. Thus far during the month of January, prices of orange juice futures have gained 19 percent.
"Testing of the imported juices could take this into summer," states an email penned by vice president Jack Scoville with Price Futures Group in Chicago.
The soft commodity is on pace to achieve its top gains in one month since October 2009.
MedPage Today reports the FDA is poised to reject or destroy orange juice found to contain the fungicide carbendazim in amounts of 10 parts per billion or higher.
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