The orange crop in Florida, the world’s second-biggest grower, will be 2.7 percent smaller than forecast in December, the government said as a plant disease damaged groves. The drop was bigger than analysts expected.
The orange crop in Florida, the world’s second-largest producer, may increase 22 percent over the next year as groves recover from a freeze in January, said Jimmy Tintle , an analyst at Transworld Futures.
Raw sugar rose for a sixth session, trading near a 29-year high, on concern that shipments will be limited from India, the world’s second-largest producer. Cocoa and coffee prices dropped, while orange juice gained.
Orange juice futures fell, extending a decline to a three-week low, on speculation that U.S. demand will remain weak while output rebounds in Florida, the world’s second-largest producer. Cotton also dropped.
Sugar rose the most in two weeks on speculation that buyers, including food makers, will boost purchases to replenish inventories that dwindled during two years of a global production deficit. Coffee and cocoa declined.