Market Update - November 2012

 

Thursday, 01 November 2012 21:11

Last week, the OJ futures market rallied on anticipated weather concerns. The long range forecast issued by NOAA and WeatherBELL call for below-normal temperatures for south Florida from December through February. The probability of abnormal weather has caused speculators to buy into the market which has caused prices to rise. There is correlation between FCOJ prices and citrus oil prices. Although citrus oil prices have not responded to weather concerns at this time, we do expect activity to increase between now and year-end if weather forecasters continue to call for adverse weather.

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