Food & Fiber » Orange Juice Futures

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Contract Size
15,000 lbs
Tick Size
0.05 = $7.50

The History of ICE Orange Juice Futures

Frozen concentrated orange juice (FCOJ) is a relatively modern form of a basic agricultural commodity. For centuries, oranges were consumed as a fresh fruit, not storable for long periods of time or easily shipped long distances, except in dried form. The citrus market changed radically when the process for making FCOJ was invented in Florida in 1947. Demonstrating a clear preference for FCOJ convenience and taste, consumers quickly substituted FCOJ for fresh oranges. More recently, the frozen concentrated orange juice market has experienced tremendous growth internationally due to technological innovations in packaging and bulk transportation systems.

Today, over 70% of the oranges harvested in the U.S. are processed for orange juice. While most of the FCOJ produced in the U.S. is consumed domestically, Brazil exports most of its production. In fact, Brazil dominates world trade in FCOJ, accounting for as much as 80% of the frozen orange juice concentrate export market. Because of the inverse relationship between the growing seasons for the U.S. and Brazil, their combined production makes the FCOJ market a year-round market.

Although a number of factors - such as a processing capacity, disease, and the strength of the U.S. Dollar - can affect the supply of FCOJ, it remains a true "weather" market. Frost and freezes may affect Florida production, while dry weather and droughts may affect Brazilian production. This sensitivity to weather factors combined with a competitive global juice/beverage market makes the price of FCOJ extremely volatile.

ICE Orange Juice Futures Specifications

Orange juice futures, IntercontinentalExchange (ICE), OJ. The contract size is 15,000 lbs. The minimum tick is 0.05, worth $7.50 per contract.

Trade electronically on the ICE platform from 8:00 AM US EST to 2:00 PM US EST.

Primary trading months for orange juice futures and options are January, March, May, July, September, and November.

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