The May-23 FCOJ contract rallied in the last six sessions ending Apr. 4, supported by a bullish mood across commodity markets, itself bolstered by a weaker dollar and rising energy prices, settling this Wednesday above the Bollinger Band.

Per NASS and FDA, the harvest of Valencias in the week of Mar. 12 was 990,000 boxes, down from 1.648 million boxes a year ago.

The market is likely also pricing in the recent dry spell for Florida. High temperatures and poor soil moisture are prompting irrigation in the state, with water stocks reported low.

Further information, statistics, and pricing for the FCOJ markets are available to our IQ subscribers. Log in to read more.

U.S. Drought Monitor, Southeast (Mar. 28, 2023)

Source: National Drought Mitigation Center
Posted by: Information Services
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