Commodity Blog

Orange-juice futures dropped on forecast that the crop in Florida, the second biggest producer in the world, would be bigger than previously predicted. Forecast says that yield would total 133.6 million boxes in the harvest ending in July, 1.5 percent up from previous estimates. July futures for orange-juice delivery declined $0.0045 (0.3 percent) to $1.3785 per pound yesterday on ICE.

Cotton prices climbed today to the highest level in a week after exports in the U.S. jumped amid speculation that the global economic recovery would retain its pace, boosting the demand. U.S export sales of cotton jumped to 624,200 running bales in the week ended June 3rd, more than three times compared to the week before. December delivery for cotton jumped $0.0144 (1.9 percent) to $0.7907 per pound on ICE Futures U.S. in New York.

Wheat gained today after the U.S. government predicted that domestic inventories of corn, which is used for feeding livestock, would decline more than expected. Stockpiles expected to fall to 1.603 billion bushels by the end of the marketing year on August 31st. July futures for corn delivery went up $0.05 (1.5 percent) to $3.4325 per bushel on CBoT.

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