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NY juice settles lower in lethargic trade
May 30, 2012 / 5:57 PM / 5 years ago

NY juice settles lower in lethargic trade

* Thin trade as market hit by spec sales
    * Trade braces for start of hurricane season Friday

    May 30 (Reuters) - Orange juice futures finished easier
Wednesday on sales by small speculators as players awaited the
start of the annual Atlantic hurricane season on Friday, brokers
    Benchmark July frozen concentrated orange juice 
slipped 0.80 cent to conclude at $1.1085 per lb after trading
from $1.084 to $1.1275. It was an inside day as that trading
range held within Tuesday's $1.0785 to $1.1735 band. 	
    Volume was almost 2,000 lots, about a third below the 30-day
norm, Thomson Reuters data showed.	
    "It just drifting along. There is no weather news at this
time to give it a jolt," a dealer said.	
    The market took note that Tropical Storm Beryl cut across
northern Florida and southern Georgia. Two
storms have already formed before the official start of
hurricane season, which ends on Nov. 30.	
    A juice trader said Beryl may encourage some investors to
begin building a premium on hurricane season given its strong
early start. Tropical storm Alberto formed recently, becoming
the earliest storm to form in the Atlantic since 2003.	
    Fundamentally, prices have struggled in the face of ideal
growing weather in Florida, the top citrus grower in the United
States, weak retail demand and ample supplies from the Sunshine
State as well as top producer Brazil.	
    Open interest in the juice market, an indicator of investor
interest, stood at 24,531 lots as of May 29, the highest such
level since Feb. 9, ICE Futures U.S. data showed.	
  Hurricane season Take A Look          	
 (Reporting by Rene Pastor; Editing by John Picinich)

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