Jimmy Tintle News
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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.
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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.
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Sugar futures rose to the highest price in almost eight months in New York on concern that adverse weather will limit supplies from Brazil, the world’s largest producer. Cocoa prices advanced and coffee fell.
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Sugar rose to a five-month high in New York and extended gains in London after the U.S. Department of Agriculture signaled that domestic supplies are dwindling. Cocoa declined.
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Orange-juice futures climbed to a one-week high on signs of dwindling supplies in the U.S., the world’s second-biggest producer. Cotton also advanced.
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Raw-sugar prices rose for the second time in three days as an equity rally bolstered the outlook for commodity demand.
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Orange-juice futures fell, capping the longest slump since July, as Florida weather concerns ease. Cotton also dropped.
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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.
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Orange juice jumped to the highest price since May 2007 after Florida, the world’s second-biggest citrus grower, declared a state of emergency amid severe cold and the prospects of crop damage.
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U.S. consumers are poised to pay the most ever for their breakfast orange juice as inventories dwindle.
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