Nearby Jul-23 FCOJ closed the week of May 12 at a six-week low of 242.75 cents, recovering the week of May 18 but failing to break retracement resistance near 254.90 cents. RSI is neutral, MACD is moderately bearish, and the stochastic is bullish and no longer showing and oversold signal.

Sep-23 FCOJ closed the week of May 12 at its own medium-term low of 237.80 cents, rebounding May 15 and 16 to straddle retracement resistance near 249.60. The contract fell midweek, settling May 18 at 247.85. RSI is neutral, MACD grew less bearish, and the stochastic is modestly bullish.

Total trading volume in FCOJ has been low since late April. Volatility rose in recent weeks to two-month highs.

Mid-May, USDA cut estimated 2022/23 Florida orange production to 15.65 million boxes, down 62 percent YOY. Total U.S. production is estimated at 61.8 million boxes, down 23 percent from 2021/22 and down 40 percent from 2020/21.

The full version of this commentary appeared on our IQ platform May 18, 2023. Further information, statistics, and pricing for the FCOJ market are available to IQ subscribers. Learn more about becoming a subscriber.


Source: 123rf.com
Posted by: Information Services
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