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Orange Juice May 2012 (OJK12)

114.40s+0.15 (+0.13%) 7:55P EDT (ICEUS)
Commodity Price Quote as of Wednesday, Jun 19th, 2013 View Help

Contract Specifications

Symbol OJ
Name Orange Juice [FCOJ-A] (OJ)
Exchange ICEUS
Trading Months January, March, May, July, September, November (F, H, K, N, U, X)
Trading Unit 15,000 pounds
Tick Size 0.05 cents per pound ($7.50 per contract)
Daily Limit 10 cents per pound ($1,500 per contract)
Trading Hours 7:00a.m. - 1:00p.m. CST
Last Trading Day 15th last business day of the expiry month
Value of one futures unit $150
Value of one options unit $150

CRB Yearbook Description

The orange tree is a semi-tropical, non-deciduous tree, and the fruit is technically a hesperidium, a kind of berry. The three major varieties of oranges include the sweet orange, the sour orange, and the mandarin orange (or tangerine). In the U.S., only sweet oranges are grown commercially. Those include Hamlin, Jaffa, navel, Pineapple, blood orange, and Valencia. Sour oranges are mainly used in marmalade and in liqueurs such as triple sec and curacao.

Frozen Concentrated Orange Juice (FCOJ) was developed in 1945, which led to oranges becoming the main fruit crop in the U.S.. The world's largest producer of orange juice is Brazil, followed by Florida. Two to four medium-sized oranges will produce about 1 cup of juice, and modern mechanical extractors can remove the juice from 400 to 700 oranges per minute. Before juice extraction, orange oil is recovered from the peel. Approximately 50% of the orange weight is juice, the remainder is peel, pulp, and seeds, which are dried to produce nutritious cattle feed.

The U.S. marketing year for oranges begins December 1 of the first year shown (e.g., the 2005-06 marketing year extends from December 1, 2005 to November 30, 2006). Orange juice futures prices are subject to upward spikes during the U.S. hurricane season (officially June 1 to November 30), and the Florida freeze season (late-November through March).

Frozen concentrated orange juice future and options are traded on the ICE Futures U.S. (ICE) exchange. The ICE orange juice futures contract calls for the delivery of 15,000 pounds of orange solids and is priced in terms of cents per pound.

Prices - ICE orange juice futures prices in 2011 traded sideways to higher into April when they pushed up to a 4-year high of 205.50 cents on the worst drought in Florida in a decade. The USDA also said Florida's orange-crop acreage fell to a 25-year low of 473,086 acres in 2010 as the number of orange trees declined 2% y/y to 62.5 million because of citrus canker. FCOJ prices fell back to a 1-year low of 148.50 cents in September 2011 after Brazil, the world's leading orange grower, said its orange output would increase 17% y/y to 377.1 million boxes. Orange juice prices finished 2011 down -2% at 169.00 cents. FCOJ prices then exploded higher in January 2012 to a record 226.95 cents after the USDA stopped juice imports into the US to check for the banned fungicide carbendazim.

Supply - World production of oranges in the 2011-12 marketing year fell -4.0% y/y to 51.352 million metric tons, down from the 2008-09 record high of 51.751 million metric tons. The world's largest producers of oranges in 2011-12 were Brazil with 35.4% of world production, followed by the U.S. (15.8%), and Mexico (6.2%).

U.S. production of oranges in 2010-11 (latest data) rose +5.7% y/y to 203.749 million boxes (1 box equals 90 lbs.) Florida's production in 2010-11 rose +5.0% y/y to 140.300 million boxes and California's production rose +7.0% to 61.500 million boxes.

Articles from the Commodity Research Bureau (CRB) Commodity Yearbook. The single most comprehensive source of commodity and futures market information available, the Yearbook is the book of record of the Commodity Research Bureau, which is, in turn, the organization of record for the commodity industry itself. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope is second to none. Additional information can be found at www.crbyearbook.com.
More commodity data from Commodity Research Bureau.