10 January 2012

COMMODITIES / USA / BRASIL: Is There Pesticide In Your OJ? Fear Sends Futures Up 11% To Record High.


      A new FDA report over the possible presence of an unapproved fungicide in Brasil's orange juice exports has spooked OJ futures...sending them up 11%...to an all time high.
     The report follows a brief freeze in Florida that also sent prices higher.
     The new price...$2.12...exceeds a 2005/2006 four-fold increase that followed several Florida hurricanes.
     The fungicide carbendazim...is widely used in Brasil...but not authorized in the USA.