OJ prices near record on fears of Brazil juice ban

Orange juice prices rose the daily limit on Friday and near a record high, and were up 7 percent in the options market, amid speculation the United States may ban Brazilian juice imports which had used an illegal fungicide.

The U.S. Food and Drug Administration said on Friday some imported orange juice samples were tested to have safe levels of the fungicide carbendazim, but it made no mention of result of samples from Brazil, which accounts for about half of all U.S. imports.

The citrus market rallied on a worst-case scenario in which the FDA would order a ban of Brazilian juice products. Fears of shortage sent the frozen concentrated orange juice futures on the ICE Futures U.S. exchange up the daily limit on Friday, the second such increase in two weeks.

Read Full Article from Reuters

- Posted: 2012-01-20 12:57:23

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