NEW YORK (TheStreet) -- Frozen concentrate orange juice futures emerged from the red Wednesday, but for technical reasons.

Frozen concentrate orange juice was the commodities leader, with July frozen concentrate orange juice rising 0.5% to $1.6615 a pound and May contracts rising 1.8% to $1.7125 a pound.

Still, all fundamentals continue to point to a weaker frozen concentrate orange juice market. "I've seen no new data on the fundamental side," said Waverly Advisors Strategist Andrew Barber. "I view this action as purely being technically-driven."

Waverly Advisors has initiated a short position in July frozen concentrate orange juice futures, against a stop around $1.77, on signs of improved or stabilized supply. The U.S. Department of Agriculture's orange crop predictions for April remains largely unchanged with Valencia crop estimates up slightly. Previously, the USDA, during an initial crop forecast, indicated that 2010 to 2011 orange crop production would be much higher the previous year's, though lower than multi-year averages.

PepsiCo

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, which owns the Tropicana orange juice brand, was rising 0.2% to $67.87, while rival

Coca-Cola

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was falling 0.4% to $66.69 and competitor

Dr Pepper Snapple

(DPS)

was popping 3% to $39.80 after beating first-quarter estimates.

Wheat futures were falling on improving rainfall.

July contracts were down 3.4% to $8.18 ½ a bushel.

According to Benson Quinn Commodities, chances of rainfall are improving for areas of the European Union and eastern Russia, while better rains were recorded overnight in western Kansas and eastern Colorodo.

In addition, while there have been concerns about dry weather in France, its government speaks of fair weather and good wheat crop. MaxYield Cooperative analyst Karl Setzer notes that private analysts are disputing this.

"These individuals claim soils are the driest in the past 30 years and there is little doubt yield has been affected," said Setzer.

Wheat processor

Archer Daniels Midland

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was falling 1.1% to $35.94, brewer

Boston Beer

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was rising 0.7% to $93.92 and food giant

General Mills

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was down 0.1% to $38.45. General Mills peer

Kellogg

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was up 0.2% to $55.88.

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