Futures reach records of 16 years

Futures of frozen concentrate orange juice (FCOJ) reached records of 16 years in October. Last Tuesday, Oct 31, prices closed at 2,908.55 dollars per tons at the New York Board of Trade (Nybot). In the accumulated of October, the values upped 16.26 percent at Nybot.

The upward trend is related to the expressive reduction of the global crop production. Florida should harvest the lowest production of the last 17 years, forecast in 135 million bags of 40.8 kilos.

In Brazil, Sao Paulo state, the main global citrus producer, should harvest around 240 million boxes in 2006/07 season, against the 300 million boxes produced in the previous crop.

Orange juice processors have intensified their activities, however, the stocks keep low. In the spot market (delivered at citrus plant), the product averaged 5.55 dollars per box of 40.8 kilos this Wednesday, Nov 1st, up 0.73 percent in the accumulated of the last five days. The support comes from the better demand in the current season and the lower supply.

In the fresh fruit market, pera orange averaged 5.74 dollars per box of 40.8 kilos (in tree) on November 1st, almost unchanged in the same period.

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