N.Y. FCOJ FUTURES SURGE, OFF HIGHS MIDDAY
Frozen concentrated orange juice
futures ran up as much as 4.40 cents on frantic speculative
short covering this morning, after local buying triggered buy
stops in the May over 132.00 cents.
    Floor traders said the market has quieted now, and prices
have come off the highs as Florida trade took profits.
    May rose to 133.50 cents, up 2.3 cents, before retreating
to 132.90 cents at 1208 hrs EST. July climbed 4.4 cents to
133.50 cents as well, but was trading at 131.75 cents at noon.
    A report showing the speculators went net short the market
last week as well as liquidating longs spurred light trade
buying in the morning to test speculator resolve. The trade
turned sellers at the top, floor sources said.
 Reuter
