Prices of US cotton and frozen concentrated orange juice futures stayed strong on midday trade on Tuesday. March cotton jumps to 49.69 cents per lb, up 1.38 cent, by 12:24 pm EST. (1724 GMT). Range up to 50.20 cents, its loftiest level since November 5, from 48.35 cents. March volume 6,995 lots. Cotton remains strong at midsession along with most other commodities.
Fund buying in anticipation of implementation of DJ-AIG Commodity Index 2009 target weightings taking effect this week, said brokers. Annual Beltwide Cotton conference hosts farmers, merchants through Thursday in San Antonio, Texas. Cargill cotton chief told Reuters at Beltwide he sees 2009 cotton plantings between 8.5 million and 9.0 million acres, versus 9.414 million acres in 2008.
March FCOJ contract advances 1.55 cent, or 2 percent, to 76.25 cents per lb at 12:31 pm Range 74.75 to 77.35 cents. March volume 1,416 lots. Juice rallies to two-week high on bargain-hunting and short-covering in the new year following the market's late-2008 slump to 4-1/2-year lows, said brokers.
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