FCOJ futures at 19-month lowThis article was originally published in Foodnews
FCOJ futures have settled at a 19-month low on speculative sales as the market tested the bottom end of its trading range, reports Reuters. Downward pressure is coming from ideal growing weather in Florida.The key July contract fell by 8.00 cents or by 5.7% to end at USD1.4265 per lb after trading from USD1.508 to the 10-cent daily limit down at USD1.4065/lb. The fall in value of global stocks, the decline in the value of the euro and the economic crises in the Netherlands and Spain have un-nerved investors, it seems. Volumes traded on 23 April amounted to around 3 300 lots, almost 20% above the 30-day norm, according to preliminary Thomson Reuters data. Open interest, an indicator of investor exposure, fell for the second day in a row and stood at 20 357 lots as of 20 April, ICE Futures US data showed.