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Orange Juice Falls on Disappointing US Retail Sales

Summary:
Orange juice futures are sliding on Tuesday after a new report showed disappointing US retail sales. This comes as recent data found that the US is importing more oranges as The Sunshine State struggles with production amid citrus greening, tariffs, and weather events. December orange juice futures tumbled %excerpt%.046, or 0.65%, to .397 per pound at 14:23 GMT on Tuesday on the US ICE Futures exchange. The agricultural commodity has performed modestly well this month, advancing 4% over the last five trading sessions and 2% in November. According to Nielsen, the US retail orange juice sector reported steeper declines from the previous report. For the four-week period ending October 27, domestic retail sales fell by 9.1% to 28.28 million gallons, down from 31.11 million gallons from the same

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Orange juice futures are sliding on Tuesday after a new report showed disappointing US retail sales. This comes as recent data found that the US is importing more oranges as The Sunshine State struggles with production amid citrus greening, tariffs, and weather events.

December orange juice futures tumbled $0.046, or 0.65%, to $1.397 per pound at 14:23 GMT on Tuesday on the US ICE Futures exchange. The agricultural commodity has performed modestly well this month, advancing 4% over the last five trading sessions and 2% in November.

According to Nielsen, the US retail orange juice sector reported steeper declines from the previous report. For the four-week period ending October 27, domestic retail sales fell by 9.1% to 28.28 million gallons, down from 31.11 million gallons from the same time a year ago.

This might stem from consumer resentment as major orange juice companies are selling smaller bottles for the same price in order to combat the seasonal supply shortage.

But some analysts think that the sector could get a boost if the flu season mirrors anything close to last year. With the flu strain being prevalent in the US last winter, many consumers purchased vast sums of the classic breakfast staple to prevent getting ill.

Meanwhile, the US is importing more orange juice in 2017 than in 2016. Last year, the US imported 34.8 million gallons from Brazil and 17.9 million gallons from Mexico, which represented 99% of all orange juice imports.

Both reports are bad news for Florida, where farmers are attempting to employ a diverse array of strategies to boost output and remain a top global market producer. But this may be a difficult hill to climb as there appears to be no solution for citrus greening, a bacterial disease that causes oranges to fall before they are ripe.

In other agricultural commodities, March corn futures dipped $0.05, or 0.13%, to $3.727 per pound. March wheat futures rose $0.015, or 0.3%, to $5.08 per bushel. January soybean futures advanced $0.05, or 0.57%, to $8.787 a bushel.

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Andrew Moran
I am a full-time professional writer. Prior to my self-employment, I worked as a reporter for Digital Journal covering the politics beat and The Toronto Times reporting on the city’s entertainment scene. I currently write mostly about business, marketing and finance

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