July 30, 2014
The price of active month September Frozen Concentrated Orange Juice Futures has moved from $1.5410 on July 23 to $1.3920 today. The commodity is down 9.7% in 6 trading sessions on good volume. There is a gap on the weekly chart from $1.3100 down to $1.2590. OJ spent a lot of time trading in a range between $1.50 and $1.65, a historically high price but this summer has seen selling on some less than positive demand news. Now the price is free-falling and it may be only a matter of time until the gap down to $1.2590 gets filled. Good news for consumers and bad news for those long orange juice futures!
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