Nov-23 FCOJ closed Sep. 20 at a fresh high of 343.40 cents after a five-session rally including three closes straddling the upper Bollinger Band. The contract unsurprisingly broke lower on Sep. 21, undoing most of Sep. 20’s gains, settling at 340.55. RSI is neutral to bearish, MACD is only modestly neutral, and the stochastic is overbought, but there is little to suggest that there’s more significant downside potential at this time. Florida and all U.S. production is still expected to be down significantly in 2023/24, and Brazil OJ stocks are expected to remain tight. 

The Jan-24 FCOJ contract also hit a fresh high Sep. 20, at 326.90 cents but slipping to 324.60 Sep. 21. Technicals are mostly neutral, though the stochastic is overbought. 

The full version of this commentary appeared on our IQ platform Sep. 21, 2023. Further information, statistics, and pricing for the FCOJ market are available to IQ subscribers. Learn more about becoming a subscriber.

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