Orange juice rally has a bias for more when confirming bad harvests in Brazil

Caption: Bad Brazilian orange vintages are pricing juice in New York (Image: REUTERS / Paulo Whitaker) After three sessions followed by highs, and previous sessions with a stable to positive bias, orange juice completed its rally in New York this Monday (17th) with more force. It rose 2.15 points to the July screen, or more than 1.75%, to 118.45 cents a pound. All longer contracts from 2021 and 2022 also remain under upward pressure. The consultant Maurício Mendes understands that two consecutive low orange vintages - the last and the next, 21/22 -, keep breathing for the juice to seek new maxims this year. The 20/21 crop ended up almost 7% smaller, at just over 268 million boxes in São Paulo and a pigtail in the Triângulo Mineiro, the national Citrus Belt. The market prices the drought that fell and dragged over the orchards, which may result in a further break in the next Brazilian supply cycle, the largest global producer. Added to this, greening, a traditional disease known as ...