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ICE FCOJ Review: Lower As Contract Fails To Cross 80c/lb
DOW JONES NEWSWIRES
ICE frozen concentrated orange juice futures closed lower Thursday after the most-active September contract failed to cross the 80-cent per pound level.
September FCOJ settled down 50 points at 79.45 cents. The contract reached a session high of 80.05 cents but wasn't able to hold there as the move by short positions to take profits ahead of the weekend proved too great.
"The market has been driven by oversold conditions," said Rob Kurzatkowski, futures analyst at optionsXpress in Chicago. He noted that "value-buying" gave FCOJ two strong days of buying on Tuesday and Wednesday but that it fizzled by Thursday.
Traders said, seasonally, FCOJ futures will see an uptick as the hurricane season begins and short covering support abounds but the market will pause for consolidation.
On the weather front, the outlook for Florida citrus weather is partly cloudy with scattered to widely scattered showers and thundershowers Saturday through Tuesday. Temperatures are expected near normal levels as favorable conditions remain for tree and fruit growth, according to Meteorlogix.
Volume was estimated Tuesday at 771 contracts, according to exchange data. In options, approximately 225 were traded.
ICE Change Range (at time of settlement) Jul 76.90 up 10 pts 76.00-77.25 Sep 79.45 dn 50 pts 79.15-80.05
-By Alison Ciaccio, contributing to Dow Jones Newswires; 312-750-4072
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=8nLUSqR%2B15oQ%2FMg2D03oHg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
July 02, 2009 15:12 ET (19:12 GMT)
Copyright 2009 Dow Jones & Company, Inc.
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