A six-session, 28.65 cent rally brought nearby Sep-23 FCOJ to a record close Jul. 21 of 299.90, up 146.50 cents or almost double the price of the Sep-22 contract a year ago.
Nov-23 FCOJ also rallied over the week of Jul. 17, closing Jul. 21 above its upper Bollinger Band at 284.15 cents.
For both contracts, RSI is bearish, while MACD has grown more bullish. The stochastic is well into overbought territory.
Florida’s 2022/23 orange production is estimated down 58 percent YOY for Valencias and down 66 percent YOY for other varieties. All U.S. 2022/23 orange production is estimated down 25 percent YOY, with Valencia production down 44 percent YOY.
Recent medium-term strength in the real is naturally supportive of FCOJ futures, and these days, any glimmer of favorable economic news is celebrated.
The full version of this commentary appeared on our IQ platform Jul. 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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