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NY juice ends up for second day on short-covering
March 14, 2012 / 6:18 PM / 6 years ago

NY juice ends up for second day on short-covering

* Small investors cover their shorts
    * Market stuck in range awaiting leads

    NEW YORK, March 14 (Reuters) - Orange juice futures
settled higher Wednesday on investor short-covering as the
market recovered from a fall to almost a 3-week low in the
previous session, analysts said.	
    Benchmark May frozen concentrated orange juice rose
2.00 cents to finish at $1.878 per lb, trading from $1.8405 to
    Volume on Wednesday was a light 900 lots, almost two-thirds
below the 30-day norm, according to Thomson Reuters data.	
    The Price Group analyst Jack Scoville said juice prices seem
pinned between $1.80 and just above $1.93.	
    "Overall, it is range-bound," he said.	
    The only thing which could inspire juice futures would be an
announcement by the U.S. Food and Drug Administration on the
fate of Brazilian juice imports which it had tested due to the
use of a prohibited fungicide by that country's citrus growers.	
    The U.S. government's recent crop report served to highlight
the market fundamental of ample supplies, dealers said. 	
    The U.S. Agriculture Department's monthly supply/demand
report last Friday estimated Florida's 2011/12 citrus production
at 147 million (90-lb) boxes, up from its estimate of 146
million boxes in the previous month. Two months ago, USDA pegged
output at 147 million boxes.	
 (Reporting by Rene Pastor; Editing by John Picinich)

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