Orange juice tumbled to a four-year low on signs that consumption is dwindling amid a U.S. recession, Bloomberg News reports:
Orange-juice concentrate in cold storage last month surged 84 percent from a year earlier, the U.S. Department of Agriculture said yesterday. Retail sales in the four weeks ended Nov. 22 fell 1.7 percent to 47.34 million gallons from a year earlier, according to AC Nielsen data on the Florida Department of Citrus Web site.
"Having ample supply and slowing demand is driving prices lower,? said Stewart Mann, a managing director for LaSalle Futures Group in New York.
Orange-juice futures for March delivery fell 2.15 cents, or 2.8 percent, to 73.4 cents a pound on ICE Futures U.S. in New York. Earlier, the price touched 71.3 cents, the lowest for a most-active contract since Nov. 15, 2004.
Futures have plunged 49 percent this year as inventories climbed and demand dwindled.
Orange juice may drop to 55 cents to 60 cents before the harvest ends around June in Florida, Mann said. The state is the world�s biggest orange grower behind Brazil.
Florida will produce 165 million boxes of oranges this season, down from 170.2 million last year, according to the USDA. A box weighs 90 pounds (41 kilograms).
The most-active contract last traded for less than 60 cents a pound in August 2004.
http://www.theyeshivaworld.com/article.php?p=27637
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