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Article: O.J. juiced.(Hot Commodities)(Orange juice)(Brief Article)
- Article from:
- Futures (Cedar Falls, IA)
- Article date:
- August 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In June, the long bear market in frozen orange juice reversed course after posting a 27-year low of $0.5659 in the September contract.
Alaron softs analyst Boyd Cruel says small speculators exploiting historical lows fueled the rally, causing funds to abandon their long-held shorts. Orange juice has been on a steady downtrend since posting a high above $1 in August of 2002.
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Strong supplies pushed O.J. to these historical lows, Cruel says, and while oversold conditions led small speculators into the market, causing funds to take profits, the market ...