ICE-Frozen Orange Juice

Exchange Symbol OJ
Chart (10 min.delay)  VIEW CHART
Exchange ICE/US  
Trading Months F,H,K,N,U,X (January, March, May, July, September, November)
Contract Size 15,000 pounds
Tick Size 0.05 cents per pound ($7.50 per contract)
Daily Limits 10 cents per pound ($1,500 per contract)
Trading Hours 7:00a.m. - 1:00p.m. CST
Last Trading Day 15th last business day of the expiry month
Value of One Futures Unit $150.00
Value of One Options Unit $150.00
Margin Initial/Maintenance $792 / $720 VIEW ICE MARGINS
Orange Juice Futures Calendar VIEW CALENDAR

+Info   The orange tree is a semi-tropical, non-deciduous tree, and the fruit is technically a hesperidium, a kind of berry. The three major varieties of oranges include the sweet orange, the sour orange, and the mandarin orange (or tangerine). In the U.S., only sweet oranges are grown commercially. Those include Hamlin, Jaffa, navel, Pineapple, blood orange, and Valencia. Sour oranges are mainly used in marmalade and in liqueurs such as triple sec and curacao.

Frozen Concentrated Orange Juice (FCOJ) was developed in 1945, which led to oranges becoming the main fruit crop in the U.S. The world's largest producer of orange juice is Brazil, followed by Florida. Two to four medium-sized oranges will produce about 1 cup of juice, and modern mechanical extractors can remove the juice from 400 to 700 oranges per minute. Before juice extraction, orange oil is recovered from the peel. Approximately 50% of the orange weight is juice, the remainder is peel, pulp, and seeds, which are dried to produce nutritious cattle feed.

The U.S. marketing year for oranges begins December 1 of the first year shown (e.g., the 2005-06 marketing year extends from December 1, 2005 to November 30, 2006). Orange juice futures prices are subject to upward spikes during the U.S. hurricane season (officially June 1 to November 30), and the Florida freeze season (late-November through March).

Frozen concentrate orange juice futures and options are traded at the Intercontinental Exchange (ICE). The ICE orange juice futures contract calls for the delivery of 15,000 pounds of orange solids and is priced in terms of cents per pound.

Prices - ICE frozen concentrate orange juice (FCOJ) futures prices (Barchart.com symbol OJ) posted their high for 2017 in January at 199.30 cents. FCOJ prices ratcheted lower into Q2-2017 and posted a 1-3/4 year low of 124.95 cents in July as supply concerns eased and demand weakened. The USDA reported that Brazil's 2016/17 orange production increased by +27% yr/yr to 18.197 MMT and that U.S. orange juice consumption fell -7.4% yr/yr to 339.56 million gallons Oct-1 to Jul 8. Prices stabilized and moved higher into November after Hurricane Irma devastated Florida's orange groves. The USDA in December cut its 2017/18 Florida orange crop estimate to a 72-year low of 46 million boxes, down -33% yr/yr. FCOJ prices fell back from their best levels on weak demand and increased output from Brazil. U.S. orange juice consumption sank -7.6% yr/yr to 429.13 million gallons in the year through September 30 and Brazil's 2017/18 orange production was estimated at 385.2 million boxes, up +57% yr/yr. FCOJ prices finished 2017 down -31.3% yr/yr at 136.00 cents.

Supply - World production of oranges in the 2016/17 marketing year rose +6.8% yr/yr to 50.186 million metric tons. The world's largest producers of oranges in 2016/17 marketing year are forecasted to be Brazil with 38.3% of world production, followed by the U.S. with 9.2% and Mexico with 8.7%.

U.S. production of oranges in 2016/17 fell -15.1% yr/yr to 120.420 million boxes (1 box equals 90 lbs). Florida's production in 2016/17 fell -14.0% yr/yr to 68.750 million boxes and California's production fell -15.9% to 50.300 million boxes.

Information on commodities is courtesy of the CRB Yearbook, the single most comprehensive source of commodity and futures market information available. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope for commodities information is second to none. The CRB Yearbook is part of the cmdty product line. Please visit cmdty for all of your commodity data needs.

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Free Softs Brochures and Reports from ICE US

ICE offers a broad range of soft commodities futures and options for the coffee, cocoa, sugar, cotton and frozen concentrated orange juice markets providing commercial market participants with effective hedging tools to manage their price exposure and provide investors the ability to take a position on the future price movement of these often volatile commodities.

ICE is home to the global benchmarks for raw and refined sugar, Arabica and Robusta coffee, as well as US and European Cocoa prices. ICE is also the exclusive global market for the benchmark Cotton No. 2 and FCOJ futures and options.

DISCLAIMER: The above information was drawn from sources believed to be reliable. Although it is believed that the information provided is accurate, no guarantee is made. ITG Futures assumes no responsibility for any errors or omissions.

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ITG Capital Management, LLC (d.b.a ITG FUTURES) is an independent introducing broker|Registered CFTC|NFA Member. Our clearing partners are Clearing Members at CME, CBOT, COMEX, NYMEX, ICE-US, Eris Exchange, Eurex, and other commodity futures exchanges in Europe and Asia. 

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