On Tuesday, Jan. 4, most-active Mar-22 FCOJ futures settled about 10 cents above the 20-day average at 144.0, the highest close since Sep. 21. In the two days since, the contract has seen a slight correction lower.
Higher FCOJ demand is tied to the holidays and to the COVID-19 Omicron variant spread, supporting prices. Spreading citrus greening disease and stressed groves in Brazil also continue to support elevated prices.
In the U.S., seasonally low imports and steady to higher domestic demand have pushed orange inventories to historically low levels, adding further support to the FCOJ market.
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