FCOJ futures fallThis article was originally published in Foodnews
FCOJ futures prices, which had staged some sort of a recovery on the back of renewed fears of hurricanes that could affect Florida, have slumped again, due to the European economic crisis. Speculators liquidated their positions on 23 May, fearing that the Eurozone debt crisis will hurt demand. Ideal weather in both Florida and Brazil contributed to the sell-off, and FCOJ posted the largest percentage daily loss for the day in the Thomson Reuters-Jeffries CRB Index. The key July contract dropped by 5.50 cents, 5%, to end at USD1.031 per pound. Price movement was between 99.70 cents and USD1.089 per lb.