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    Orange Juice November 2010 (OJX10)

    161.55+2.70 (+1.70%) 6:59P EST (ICEUS) View Help
    Commodity Price Quote as of Friday, May 25th, 2012

    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 lbs
    Tick Size 0.05 cent per lb. ($7.50 per contract)
    Daily Limit 10 cents per lb. ($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 early 2009 extended the plunge from the 31-year high of 209.50 cents per pound posted in February 2007 (which was just 10.5 cents shy of the record high of 220 cents posted in November 1977) and posted a 5-1/2 year low of 64.60 cents in February 2009. That sell-off was driven by the lack of hurricane damage during the 2007 through 2009 hurricane seasons and by a rebound in Florida orange production in 2007/08 and 2008/09 after poor crops seen in the previous three years due to hurricane damage. However, prices rallied through the rest of 2009 due to tighter supplies and the 17% y/y decline in the 2009/10 Florida orange crop.

    Supply - World production of oranges in the 2009-10 marketing year fell -0.4% y/y to 52.181 million metric tons, down from the 2008-09 record high of 52.376 million metric tons. The world's largest producers of oranges in 2008-09 were Brazil with 34% of world production, followed by the U.S. (14%), and Mexico (7%).

    U.S. production of oranges in 2008-09 (latest data) fell -9.3% y/y to 212.609 million boxes (1 box equals 90 lbs.) Florida's production in 2008-09 fell -4.6% y/y to 162.400 million boxes and California's production fell -21.8% to 48.500 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.