A reduction in early oranges harvest is expected in South America
The USDA expects a reduction in early oranges harvest in Brazil by 30% in the 2020/2021 season compared to the previous 2019/2020 season. The Brazilian agricultural agency Cepea agrees with this assessment. A low harvest is a result of the drought in Brazil in September-October 2019. Another positive factor for orange juice may be the decision of the US Senate to resume the allocation of funds to Florida to treat all tourists with orange juice free of charge as a part of the “VISIT FLORIDA” marketing program. The authorities of China’s Chongqing city assume that fresh fruits and oranges may alleviate the state of patients with coronavirus.This can stimulate demand.
Summary of technical analysis
|Buy stop||Above 100|
|Stop loss||Below 93.5|
Market Analysis provided by IFCMarkets
Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter