This is also known as short selling. Finally, they must also not take the post-report sell orders from the Dukes, to maximally screw them over. Not knowing the real crop data, the Dukes plan is to book as many orders for high bids as possible — "corner the market" (which in real life, thanks to new regulations, is now either illegal or extremely difficult to pull off). Movie quotes. Traders donât pull up with carts full of little metal cans. There’s no shortage at all. In fact, the real crop report showed that the freeze wasn't that bad. Orange juice concentrate is often frozen and later made into orange juice by adding water to the mixture. we distribute high resolution video footage for television, web & corporate purposes. (In fact, the real crop report showed that the freeze wasn’t that bad), Not knowing the real crop data, the Dukes plan is to book as many orders for high bids as possible â “corner the market” (which in real life, thanks to new regulations, isÂ now either illegal or extremely difficult to pull off).Â. Last week, we celebrated the 30th anniversary ofÂ Trading Places, the greatest movie about finance ever made, withÂ an oral history of the film. It seem like just yesterday Eddie Murphy and Dan Aykroyd were in the old Comex pits making millions off of Frozen Orange Juice Concentrate. In the commodity markets, frozen concentrate orange juice futures have soared 25% â just in the past month. 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. Frozen Concentrate Orange Juice Production Unwholesome fruit is removed during unloading before the oranges are conveyed to storage bins. View profile, contact info, product catalog credit report of Enter-trading â¦ The floor needs to think they can make even more money on a bullish report by trading with the guys selling at lower prices. 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 wanted to zero in on what is arguably the most arcane, real-life climax in cinematic history: the Trading Places orange juice futures scam. The growth pace was the most rapid in 2011 an increase of 28% year-to-year. The harsh winter did NOT hurt the crop. Frozen Orange Juice quotes âº Trading Places. ICE FUTURES U.S. Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram. Read honest and unbiased product reviews from our users. Eventually, Winthorpe decides the time is right, and calls out that they are selling contracts for ¢142. Historically, Orange Juice reached an all time high of 235 in November of 2016. 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. Netflix He's been instructed to buy Frozen Concentrated Orange Juice futures non-stop until the crop report comes out. Introduction Concentrated orange juice is one of the most important commodities over the world and Brazil is the major producer. But we wanted to zero in on what is arguably the most complicated,Â real-lifeÂ climax in cinematic history.Â. Commodity futures prices / quotes and market snapshots that are updated continuously during trading hours. The juice must have the water removed to become a concentrate. 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. The floor will want to lock in that price because they think the report will cause the price to go even higher.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. This is a slushy punch that is frozen ahead of time. 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. 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. Winthrope and Valentine need to show some patience, as shorting anything is only preferable once the price is very high. Here’s their floor broker, Wilson, set to pull off what he thinks is a foolproof moneymaking trade. The report the Dukes receive indicates extensive damage to the Florida orange crop, due to a hard freeze. Keeping a can of frozen orange juice concentrate in the freezer means you can make more than just orange juice. Frozen concentrated orange juice trading is actually a thing. Easily move â¦ If it really doesn't then I too want some of that Frozen stuff. The Dukes are ruined. The crop report comes out, the tables are turned. 0. Supplier of Frozen Orange Juice Concentrate, Fruit Juice & Orange Juice Concentrate offered by Enter-trading Gmbh from Wegberg, , Germany. Time - Phrase; 00:10:20 They've given â¦ In the mid-1980s, NFC juice â¦ The Dukes are ruined. 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 But when the crop report comes out, the tables are turned. But since they know the crop report will show no hard freeze, implying bountiful oranges and lower prices, they stand to make a fortune once the true price is revealed. So what's the reason? Over the period under review, the concentrated orange juice export price, however, continues to indicate a relatively flat trend pattern. There are plenty of oranges out there, and the price is going to come way down. These crop reports are real, and you can find a calendar of them here. The average concentrated orange juice export price stood at $1,593 per tonne in 2018, declining by -6.4% against the previous year. 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. 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. Earlier in the film, Â 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. Find all lines from this movie. Orange juice is suddenly hot. Unfortunately frozen concentrated orange juice was developed three years after the war had ended. Free intra-day Orange Juice Futures Prices / Orange Juice Quotes. Orange Juice Trading History. Trading Places (1983) - Yarn is the best way to find video clips by quote. The top countries of supplier is China, from which the percentage of frozen orange juice concentrate supply is 100% respectively. It does not matter how or where the seller gets the product, as long as, one way or another, he is able to providâ¦ They were buying all the way up, but the prices in the end collapsed. I can only assume that the Frozen concentrate orange juice tastes different from the Made from Concentrate stuff available in shops. They were buying all the way up, but the prices in the end collapsed. Subscriber since. 1. 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! And Winthopre and Billy Ray are the ones who’ve made out like bandits: (h/tÂ TradingPitBlog,Â WiseBreadÂ StraightDope, andÂ DangerousLogicÂ for guidance). The harsh winter did NOT hurt the crop. Account active If the price were to actually rise, they'd owe the floor tons of money. (Yes, you're thinking of the comedy Trading Places.) Keywords: Frozen concentrate orange juice, Rheological properties and Tixotropy. 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. 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. Find helpful customer reviews and review ratings for Organic Frozen Orange Juice Concentrate, 12 oz. Here's their floor broker, Wilson, set to pull off what he thinks is a foolproof moneymaking trade. Trading Places (1983) 00:10:26 We're about to make millions of dollars in frozen orange juice. 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. 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 short answer: yes. So now everyone is desperate to sell out of their sky-high contracts. 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: Sign up for Insider Finance. The stories dominating banking, business, and big deals. OJK21 | View the latest Frozen Concentrate Orange Juice May 2021 Contracts and compare Futures prices with WSJ. The UK is the fourth-largest orange juice importer in the world and buys most of it in frozen concentrate form from Brazil. By 1949, orange juice processing plants in Florida were producing over 10 â¦ frozen orange juice, Trading Places quotes. 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. Allowed countries of origin are the U.S., Brazil, Costa Rica and Mexico. 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. A leading-edge research firm focused on digital transformation. The procedure for removing the water is a simple one, though time consuming. now either illegal or extremely difficult to pull off. Contract specifications including fees, margins and delivery standards Try it in a variety of orange-flavored recipes. Meanwhile, Winthorpe and Billy Ray will book contracts at a price the floor thinks undervalues how much a given contract is worth. easy choice by picture (timecode) or full clip is possible. Again, the floor will want to lock in that price because they think the report will cause the price to go even higher. Rheological behavior knowledge of frozen oncentrated orange juice (FCOJ) is quite important for c flow transport. 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¦ There are plenty of oranges out there. Can at Amazon.com. Now everyone has to sell! ... reconstituted liquid juice and not-from-concentrate (NFC) juice. Juice destined to be frozen concentrate goes to an evaporation chamber, where heat removes the water; the concentrate is then frozen. They have expiration dates on the ends of the cans of roughly 15 months ago (Jan 2012) and 12 months ago (Mar 2012). 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. 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. Unlike conventional stock, futures contracts can be sold even when the seller does not yet own any of the commodity. Last week, we celebrated the 30th anniversary of "Trading Places," the greatest movie about finance ever made, with an oral history of the film. (affiliate link): https://amzn.to/32O3oTc I use mine for Milkshakes, Gravy, and Crock â¦ 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¦ as well as other partner offers and accept our, now either illegal or extremely difficult to pull off. Advanced search. 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. ComfortablyNumb Posts: 1,215. 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. He’s been instructed to buy Frozen Concentrated Orange Juice futures non-stop until the crop report comes out. By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider 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. And Winthorpe and Billy Ray are the ones who've made out like bandits: (h/t TradingPitBlog, WiseBread StraightDope, and DangerousLogic for guidance). Eventually, Winthorpe decides the time is right, and calls out that they are selling contracts for Â¢142. Find the exact moment in a TV show, movie, or music video you want to share. 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. These crop reports are real, and you can find a calendar of themÂ here. 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.
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