Weekly Winners & Losers
Biggest Winner
OJ is on the run again, making another round of new all-time highs this past week.
November orange juice futures closed at 341.60 on Friday, down from Tuesday’s high at 347.00.
Futures have more than tripled over the course of the past two-and-a-half years and are up 85.5% year-to-date as a series of hurricanes and disease pressure have impacted production.
This 50-year chart is incredible:
Biggest Loser
It was a bad week for oats with Dec futures collapsing 54 cents from Monday’s highs. Although futures lost 11.3% this week, they remain up 15.3% year-to-date which is more than we can say about corn.
Poor corn
Tuesday was a rough one for corn as Dec made another new low at 4.67-3/4 before staging a recovery (I use that term loosely) to close up 1 cent on the week at 4.77-1/4.
Update:
(In other words, little incentive to sell at these levels)
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