In my Q2 Barchart report on the soft commodities sector, I highlighted that FCOJ futures rose to a record peak in Q2 2023. I wrote, “Soft commodity prices can rise or fall to levels that defy reasonable, rational, and logical analysis, making trend-following the best trading method for the sector.”
Nearby FCOJ futures settled at $2.7175 per pound on June 30 after reaching a $2.9590 high in May. While the orange juice futures rose only 0.83% in Q2, they were 31.66% higher over the first six months of 2023, leading the soft commodity sector on the upside. FCOJ posted the second-highest gain in 2023 behind feeder cattle over the first half of this year.
