Orange Juice Futures Hit 2-Year Low

Orange juice futures fell to their lowest prices in nearly two years Monday on the Cotton Exchange in New York, continuing to slide in response to a government report predicting unexpectedly high production.

The price of orange juice concentrate fell the daily limit of 5 cents a pound on Friday and another 3 cents on Monday.

Analysts said the sell-off was triggered by a report Thursday from the Agriculture Department that forecast production in the coming season of 132 million 90-pound boxes of orange juice in Florida, the major orange growing region in the country.

Analysts had expected production of 110 million to 120 million boxes. The USDA also said the yield per box would be greater than last year.

Prices already were under pressure because of expanded production in Brazil, said Steve Platt, an orange juice analyst in Chicago with Heinold Commodities.

Grain and soybean futures prices were mixed in quiet trading on the Chicago Board of Trade.

Livestock and meat prices were steady in quiet to moderate trading on the Chicago Mercantile Exchange.

Prices advanced early in the session with buying coming from commercial concerns, said Phil Stanley, a livestock analyst in Chicago with Thomson McKinnon Securities.