Have Orange Juice Prices Topped Out ?

Orange Juice Futures---Orange juice futures in the September contract is down 25 points currently trading at 166.60 as this is an interesting daily chart in my opinion as prices have tried to bust through that 170 level on multiple occasions, but have been unable to be successful as that area is acting like cement.

The agricultural sector has completely fallen out of bed over the last several weeks as this is the strongest commodity at the present time, however I think it's days are numbered to the downside in my opinion as we have been trading in a tight range over the last 6 days between 165/170 as a breakout to the downside is looming in my opinion.

The weather in the state of Florida has improved tremendously coupled with the fact of very weak demand for orange juice at the current time as the fundamental picture is not that bullish as the Trump tariffs between the U.S and the EU is a very bearish fundamental indicator as they are a large importer of this commodity as that could be in jeopardy in the short-term.

Keep a close eye on this market as we could be involved in a short position relatively soon as prices are still trading above their 20 and 100 day moving average as the short-term trend is higher, but with the rest of the commodity sectors melting away on a daily basis I think eventually orange juice prices will succumb to that pressure to the downside.




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