By Oliver Renick - February 01, 2013
Juice Heads for Biggest Rally in 7 Weeks; Coffee Rises
juice headed for the largest weekly gain since mid-December
on signs that a crop disease will reduce output in Florida.
Coffee, cotton and sugar also increased, while cocoa
The bacterial disease, called citrus greening, has already
ruined 12 percent of the crop in Florida, the world’s
top citrus grower after Brazil, Shawn Hackett, the president
of Boynton Beach, Florida-based Hackett Financial Advisors
Inc., said in an e-mail. The U.S. Department of Agriculture
cut its forecast for the state’s crop twice since October
to 142 million boxes, down 3.1 percent from a year earlier.
“It has already been very bad, and it has a long-term
tail to it for many more years,” Hackett said.
Orange juice for March delivery jumped 1.5 percent to
$1.2145 a pound at 11:32 a.m. on ICE Futures U.S. in
New York, heading for the sixth straight gain. A close
at that level would leave prices up 7.1 percent this
week, the most since Dec. 14.
Also in New York, arabica-coffee futures for March delivery
advanced 0.6 percent to $1.4785 a pound. An industry
group in Honduras, the biggest grower in Central America,
yesterday cut its forecast for shipments by 20 percent
after a fungus damaged crops.
Cotton futures climbed 0.4 percent to 83.31 cents a
pound on ICE. Prices surged 10 percent last month, the
most since February 2011.
Raw-sugar futures for March delivery gained 0.8 percent
to 18.93 cents a pound in New York, while cocoa futures
for March delivery were slid less than 0.1 percent to
$2,204 a metric ton.