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NY juice settles up for third straight time
March 1, 2012 / 7:02 PM / 6 years ago

NY juice settles up for third straight time

 * Month-end buying gives market boost
 * Trade awaits news on juice imports
 NEW YORK, March 1 (Reuters) - Orange juice futures finished higher
Thursday for the third straight session on investor buying as the market tested
the upper end of its trading band and built on its more than 10 percent rise of
February, brokers said.  	
 Key May frozen concentrated orange juice rose 2.00 cents to end at
$1.8775 per lb after moving between $1.855 and $1.879. It was an inside day as
prices held within Wednesday's $1.8325 to $1.885 band.  	
 Traders said the market has been trading from $1.80 to $1.90, basis May.	
 Juice will remain well supported given uncertainty over tests by the U.S.
Food and Drug Administration given to Brazilian juice imports due to the usage
of a prohibited fungicide by Brazilian citrus growers. 	
 "We are prisoners of the FDA," said Country Hedging Inc analyst Sterling
Smith, who added that once the issue is resolved, prices could sag.	
 Prices have lost around a fifth of their value since the then key March
contract soared to an all-time high of $2.2695 on Jan. 23 as panic buying over a
possible U.S. ban of Brazilian juice imports due to that fungicide hit the
market. 	
 Volume on Thursday amounted to 500 lots, two-thirds under the previous
session's tally of 1,912 lots, Thomson Reuters and exchange data showed.	
	
 (Reporting by Rene Pastor; Editing by David Gregorio)	
 

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