These crop reports are real, and you can find a calendar of them here. Juice destined to be frozen concentrate goes to an evaporation chamber, where heat removes the water; the concentrate is then frozen. Unfortunately frozen concentrated orange juice was developed three years after the war had ended. They were buying all the way up, but the prices in the end collapsed. So they order their agent to buy a ton of orange juice futures right before the data is officially announced, on the premise that the freeze will cause a shortage of oranges and the value of the contracts to surge. There’s no shortage at all. The report the Dukes receive indicates extensive damage to the Florida orange crop, due to a hard freeze. The harsh winter did NOT hurt the crop. Orange Juice Trading History. The floor will want to lock in that price because they think the report will cause the price to go even higher.Â. This is also known as short selling. But when the crop report comes out, the tables are turned. Winthorpe and Billy Ray now wait again for the price to come back down,Â to max out the spread between what everyone they sold the contracts for initially, and the price at which they can buy the orders back: Finally, they must also not take the post-report sell orders from the Dukes, to maximally screw them over.Â. Again, the floor will want to lock in that price because they think the report will cause the price to go even higher. Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram. The average concentrated orange juice export price stood at $1,593 per tonne in 2018, declining by -6.4% against the previous year. Meanwhile, Winthorpe and Billy Ray wait get the Dukes to flood the market with bullish orders to drive the price up: But they need to leave enough time before the crop report is published to book as manyÂ short orders as possible. A contract to sell, say, 1000 pounds of FCOJ at $1.50 per pound in February merely indicates the seller's obligation to provide and the buyer's obligation to purchase the product at the specified price and time. Florida has been known for its orange and other citrus production for many years, but it took a processing innovation in Florida in 1947 to make frozen concentrated orange juice a commodity on which a futures contract could be based. They have expiration dates on the ends of the cans of roughly 15 months ago (Jan 2012) and 12 months ago (Mar 2012). The Dukes hope to discover that the crop report will reveal extensive damage to the Florida orange juice crop â due to a hard freeze â and thus they could make a fortune buying a ton of orange juice futures right before that data comes out, on the premise that the freeze would cause a shortage of oranges. Trading Places (1983) 00:10:26 We're about to make millions of dollars in frozen orange juice. OJK21 | View the latest Frozen Concentrate Orange Juice May 2021 Contracts and compare Futures prices with WSJ. Finally, they must also not take the post-report sell orders from the Dukes, to maximally screw them over. Read honest and unbiased product reviews from our users. Meanwhile, Winthorpe and Billy Ray will book contracts at a price the floor thinks undervalues how much a given contract is worth. Orange juice is suddenly hot. We wanted to zero in on what is arguably the most arcane, real-life climax in cinematic history: the Trading Places orange juice futures scam. Easily move â¦ If youâve just watched Trading Places and want to have a flutter trading frozen concentrated orange juice you need a futures broker like Saxo.You need big pockets and nerves of steel to trade on exchange futures, but if you are a normal private client you can trade OJ through a CFD or spread betting broker here are a selection of some of the best options out there: Basically, Winthorpe and Valentine are SELLING frozen concentrated orange juice futures en masse, with the knowledge that the crop report will show no hard freeze, implying bountiful oranges, which will cause the price to collapse. we distribute high resolution video footage for television, web & corporate purposes. The UK is the fourth-largest orange juice importer in the world and buys most of it in frozen concentrate form from Brazil. There are plenty of oranges out there. 0. It confirms what they want to hear, that the crop was badly damaged. Now 30 years after Trading places, it looks like the hype surrounding Orange Juice is fastly fading, with only 20,000 outstanding contracts. Billy Ray Valentine (Eddie Murphy) and Louis Winthorpe III (Dan Aykroyd) â who’s lost his job at the brokerage â catch wind of the scheme, and they deliver to the Dukes a faux report that confirms what they want to hear, that the crop was badly damaged. Frozen Concentrate Orange Juice Production Unwholesome fruit is removed during unloading before the oranges are conveyed to storage bins. Supplier of Frozen Orange Juice Concentrate, Fruit Juice & Orange Juice Concentrate offered by Enter-trading Gmbh from Wegberg, , Germany. Find the exact moment in a TV show, movie, or music video you want to share. 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. Both types of orange juice may be enhanced with oils extracted from peels, and both are tested for Brix (sweetness) and acidity and then blended to â¦ Last week, we celebrated the 30th anniversary of Trading Places, ... Heâs been instructed to buy Frozen Concentrated Orange Juice futures non-stop until the crop report comes out. But Billy Ray Valentine (Eddie Murphy) and Louis Winthorpe III (Dan Aykroyd) — who has lost his job at the brokerage — catch wind of the scheme, and deliver a fake report to the Dukes. Traders donât pull up with carts full of little metal cans. Sign up for Insider Finance. I can only assume that the Frozen concentrate orange juice tastes different from the Made from Concentrate stuff available in shops. Can at Amazon.com. (affiliate link): https://amzn.to/32O3oTc I use mine for Milkshakes, Gravy, and Crock â¦ Allowed countries of origin are the U.S., Brazil, Costa Rica and Mexico. In fact, the real crop report showed that the freeze wasn't that bad. View profile, contact info, product catalog credit report of Enter-trading â¦ There are plenty of oranges out there, and the price is going to come way down. Orange juice concentrate is often frozen and later made into orange juice by adding water to the mixture. Free intra-day Orange Juice Futures Prices / Orange Juice Quotes. Earlier in the film, Mortimer and Randolph Duke, the two corrupt, septuagenarian brothers who run a commodities brokerage house, arrange to get an advanced copy of the USDA's monthly orange crop report. as well as other partner offers and accept our, now either illegal or extremely difficult to pull off. Frozen concentrated orange juice trading is actually a thing. If the price were to actually rise, they'd owe the floor tons of money. (Yes, you're thinking of the comedy Trading Places.) So what's the reason? In the mid-1980s, NFC juice â¦ The short answer: yes. Last week, we celebrated the 30th anniversary ofÂ Trading Places, the greatest movie about finance ever made, withÂ an oral history of the film. If it really doesn't then I too want some of that Frozen stuff. Rheological behavior knowledge of frozen oncentrated orange juice (FCOJ) is quite important for c flow transport. Try it in a variety of orange-flavored recipes. Movie quotes. Commodity futures prices / quotes and market snapshots that are updated continuously during trading hours. Time - Phrase; 00:10:20 They've given â¦ Our broker guides are based on the trading intstruments they offer, like CFDs, options, futures, ... frozen concentrated orange juice (FCOJ) brought orange juice to millions of consumers. He’s been instructed to buy Frozen Concentrated Orange Juice futures non-stop until the crop report comes out. ComfortablyNumb Posts: 1,215. The floor needs to think they can make even more money on a bullish report by trading with the guys selling at lower prices. I bought a few "paper cans" of Minute Maid frozen concentrated orange juice early last year, tossed em in my chest freezer and just unearthed them today. A leading-edge research firm focused on digital transformation. The top countries of supplier is China, from which the percentage of frozen orange juice concentrate supply is 100% respectively. Find all lines from this movie. The juice must have the water removed to become a concentrate. FROZEN CONCENTRATED ORANGE JUICE CONTRACT The ICE Futures U.S. FCOJ futures contract is for the physical delivery of USDA frozen concentrate, not less than 62.5° Brix, to an exchange-licensed warehouse in Florida, New Jersey or Delaware. The contract prices physical delivery of U.S. Grade A juice (with grading performed by the U.S. Department of Agriculture), in storage in exchange licensed warehouse in several U.S. delivery points. Historically, Orange Juice reached an all time high of 235 in November of 2016. Account active By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider So now everyone is desperate to sell out of their sky-high contracts. And Winthorpe and Billy Ray are the ones who've made out like bandits: (h/t TradingPitBlog, WiseBread StraightDope, and DangerousLogic for guidance). Unlike conventional stock, futures contracts can be sold even when the seller does not yet own any of the commodity. Winthorpe and Billy Ray now wait again for the price to come back down, to max out the spread between what the floor bought the contracts for initially, and the price at which they can buy the orders back. Eventually, Winthorpe decides the time is right, and calls out that they are selling contracts for Â¢142. They were buying all the way up, but the prices in the end collapsed. Assume it is January and frozen concentrated orange juice is currently trading at 135 cents/pound (the spot price).An orange farmer expects his crop (1 â¦ The Dukes are ruined. Over the period under review, the concentrated orange juice export price, however, continues to indicate a relatively flat trend pattern. Trading Places (1983) - Yarn is the best way to find video clips by quote. Contract specifications including fees, margins and delivery standards Were the price to go up, Winthorpe and Billy Ray would be screwed, as they’d have to buy back the contracts they sold (shorting anything requires a later purchase) at a higher price. It does not matter how or where the seller gets the product, as long as, one way or another, he is able to providâ¦ Wood and metal bins are commonly used, and are designed with baffles to minimize impact as fruit descends through to the base of the bin. Frozen Orange Juice quotes âº Trading Places. Hurricane irma will make orange juice frozen orange juice just hit an all don t squeeze the juice trading places 1983 ions tough time trading They need to get the price to go as high as possible to maximize the power of their short, while still leaving time before the crop report is published to book as many orders as possible. This would make a great gift for yourself, or your mother, or your wife! The stories dominating banking, business, and big deals. 1. These crop reports are real, and you can find a calendar of themÂ here. The Dukes are ruined. But we wanted to zero in on what is arguably the most complicated, real-life climax in cinematic history, because a lot of people get confused about what actually happened. The harsh winter did NOT hurt the crop. Orange Juice increased 33.95 USd/Lbs or 35.79% since the beginning of 2020, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Prices - ICE frozen concentrate orange juice (FCOJ) futures prices (Barchart.com symbol OJ) moved sideways in Q1-2019 and posted the high for 2019 in March at 131.00 cents per pound.
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