Shawn Hackett News
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Cotton futures fell for a second straight session on concern that demand will slow from China, the world’s biggest user and importer. Sugar also slid, while orange juice, coffee and cocoa rose.
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Milk futures are poised to end their longest slump since 2008 in Chicago as drought reduces production in New Zealand, the largest exporter, forcing China and other buyers to import more from the U.S.
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Rice surged the maximum allowed by the Chicago Board of Trade on signs that planting will drop to a 26-year low in the U.S., the world’s fifth-largest exporter.
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Arabica coffee prices may be set for a “straight up vertical spike” to a record $4 a pound by the end of the first quarter with daily gains of 50 cents a pound after climbing to a 13-year high last week, researcher Shawn Hackett said.
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The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.6 percent to 677.55 at 5:01 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent to 1,623.714.
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Cocoa prices may advance by as much as 10 percent after the president-elect of Ivory Coast, the world’s largest producer, banned exports for a month, according to Hackett Financial Advisors Inc.
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Orange-juice futures that are the cheapest for this time of the year since 2004 may rise as much as 15 percent after forming a descending wedge pattern, a technical analysis by Hackett Financial Advisors Inc. shows.
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The coffee harvest in Vietnam, the biggest grower of the robusta variety, may decline in the 2013- 2014 season as a drought in the country’s top producing region may lead to smaller fruits, potentially boosting prices.
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Orange-juice futures jumped the most in 14 months after the U.S. government cut its forecast of the crop in Florida, the world’s second-largest citrus grower.
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Florida’s orange crop, the world’s second biggest, will be 1.4 percent smaller than forecast in February, the government said, on signs of worsening damage from citrus greening, a plant disease.
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