USDA today lowered projected Florida orange production by 2.0 million 90-lb boxes: Early-midseason oranges were lowered by 1.0 million boxes to 31.0 million, and Valencias were lowered by 1.0 million boxes to 41.0 million. This season’s oranges are experiencing higher drop rates than last season: 28 percent for early-mids vs. 26 percent a year ago, and 29 percent for Valencias vs. 25 percent last year.
The FCOJ market jumped yesterday on positioning ahead of the report. The Mar-20 contract settled 3.35 cents higher on Monday and added another 1.10 cents today, settling at 99.30.
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