Orange juice futures up on Brazilian import ban fears
Jan. 20, 2012
WASHINGTON — Orange juice futures reached their 10c daily trading limit and were near a record high on Friday on speculation the United States will ban imports of Brazilian products due to presence of the fungicide carbendazim. At the start of trading on Friday, March futures reached $2.1065 a lb.
The Food and Drug Administration has been collecting samples of orange juice imports to test for carbendazim and other concerns, collecting a total of 45 import samples since Jan. 4. Of these, 19 samples from Canada, Mexico, Honduras, Costa Rica and Belize have been cleared and released. The remaining 26 samples are pending analysis or compliance review. The F.D.A. made no mention of the results of the samples from Brazil other than they have not already been cleared and released, leading to concerns of an import ban from that country. About half of all U.S. orange juice imports come from Brazil.
The F.D.A. also has collected 14 domestic samples that are currently in process.