INTL FCStone Inc. Reports Fiscal Fourth Quarter and Full Year 2011 Financial Results

Record annual adjusted operating revenues - up 51% (up 35% for Q4)
Record annual adjusted net income - up 106% (up 27% for Q4)
NEW YORK, Dec. 13, 2011 (CRWENEWSWIRE) — INTL FCStone Inc. (the ‘Company’) (Nasdaq:INTL) today announced its financial results for the fiscal fourth quarter and year ended September 30, 2011. Certain financial metrics discussed in this press release are non-GAAP, reflecting marked-to-market differences in the Company’s Commodity & Risk Management Services segment. A reconciliation of those metrics to GAAP equivalents is provided in the table below, and further discussion of the use of non-GAAP metrics will be provided in the Company’s Form 10-K to be filed with the Securities and Exchange Commission (”SEC”).
Sean O’Connor, CEO of INTL FCStone Inc., stated, “Fiscal 2011 was a record year for the company in both adjusted operating revenues and adjusted net income. This was achieved despite difficult market conditions, and is validation of our unwavering commitment to provide high quality customer facilitation and execution in the commodities and financial markets. In addition, we executed a number of strategic initiatives during the year that have expanded our franchise and will provide growth going forward.”
INTL FCStone Inc. Summary Financials
Consolidated financial statements for the Company will be included in the Company’s annual report on Form 10-K to be filed with the SEC. The Form 10-K will also be made available on the Company’s website at www.intlfcstone.com.
Conference Call & Web Cast
A conference call will be held tomorrow, Wednesday, December 14, 2011 at 9:00 a.m. ET. A live web! cast of the conference call as well as additional information to review during the call will be made available in PDF form on line on the Company’s corporate web site at http://www.intlfcstone.com. Participants can also access the call by dialing 1-888-461-2030 (within the United States), or 1-719-325-2284 (international callers) approximately ten minutes prior to the start time.
A replay of the call will be available at http://www.intlfcstone.com approximately two hours after the call has ended and will be available through December 22, 2011. To access the replay, dial 1-888-203-1112 (within the United States), or 1-719-457-0820 (international callers) and enter the replay passcode 245 2514.
About INTL FCStone Inc.
INTL FCStone Inc. (INTL) provides execution and advisory services in commodities, currencies and international securities. INTL’s businesses, which include the commodities advisory and transaction execution firm FCStone Group, serve more than 10,000 commercial customers in more than 100 countries through a network of offices in twelve countries around the world.
Further information on INTL is available at www.intlfcstone.com.
Forward Looking Statements
This press release includes forward-looking statements including statements regarding the combined company. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words “believe,” “expect,” “anticipate,” “should,” “plan,” “will,” “may,” “could,” “intend,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms and similar expressions, as they relate to INTL FCStone Inc., are intended to identify forward-looking statements.
These forward-looking statements are lar! gely bas ed on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the company. They can be affected by inaccurate assumptions, including the risks, uncertainties and assumptions described in the filings made by INTL FCStone Inc. with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the forward-looking statements in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind these risk factors and other cautionary statements in this press release.
These forward-looking statements speak only as of the date of this press release. INTL FCStone Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.
Source: INTL FCStone Inc.

Contact:
INTL FCStone Inc.
Investor inquiries:
Bill Dunaway, CFO
1-866-522-7188
bill.dunaway@intlfcstone.com

$ 1.968.9

Three Months Ended September 30,			Fiscal Year Ended September 30,
(Unaudited) (in millions, except share and per share amounts)	2011	2010	% Change	2011	2010	% Change
Total operating revenues	$ 108.1	$ 65.9	64 %	$ 423.2	$ 269.0	57 %
Interest expense	2.2	2.4	(8)%	11.3	9.9	14 %
Net revenues	105.9	63.5	67 %	411.9	259.1	59 %
Compensation and benefits	47.0	31.2	51 %	176.6	104.2	69 %
Clearing and related expenses	19.0	16.5	15 %	77.4	68.2	13 %
Introducing broker commissions	6.3	4.8	31 %	24.0	18.9	27 %
Other non-interest expenses	20.6	15.7	31 %	74.4	49.9	49 %
Total non-interest expenses	92.9	68.2	36 %	352 .4	241.2	46 %
Income (loss) from continuing operations, before tax	13.0	(4.7)	(a)	59.5	17.9	232 %
Income tax expense (benefit)	5.4	(1.7)	(a)	22.5	6.4	252 %
Income (loss) from continuing operations	7.6	(3.0)	(a)	37.0	11.5	222 %
Income from discontinued operations, net of tax	–	1.3	(100)%	0.2	0.6	(67)%
Income (loss) before extraordinary loss	7.6	(1.7)	(a)	37.2	12.1	207 %
Extraordinary loss	–	(2.8)	(100)%	–	(7.0)	(100)%
Net income (loss)	7.6	(4.5)	(a)	37.2	5.1	629 %
Add: Net (income) loss attributable to noncontrolling interests	(0.1)	–	(a)	0.1	0.3	(67)%
Net income attributable to INTL FCStone Inc. common stockholders	$ 7.5	$ (4.5)	(a)	$ 37.3	$ 5.4	591 %
Earnings (loss) per share:
Basic
Income (loss) from continuing operations	$ 0.41	$ (0.18)	(a)	$ 2.06	$ 0.68	203 %
Income from discontinued operations	–	0.07	(100)%	0.01	0.03	(67)%
Extraordinary loss	–	(0.15)	(1 00)%	–	(0.40)	(100)%
Net income attributable to INTL FCStone Inc. common stockholders	$ 0.41	$ (0.26)	(a)	$ 2.07	$ 0.31	568 %
Diluted
Income (loss) from continuing operations	$ 0.39	$ (0.18)	(a)	$ 1.95	$ 0.66	195 %
Income from discontinued operations	–	0.07	(100)%	0.01	0.03	(67)%
Extraordinary loss	–	(0.15)	(100)%	–	(0.39)	(100)%
Net income (loss) attributable to INTL FCStone Inc. common stockholders	$ 0.39	$ (0.26)	(a)	$ 0.30	553 %
Weighted average number of common shares outstanding:
Basic	17,789,967	17,358,689	2 %	17,618,085	17,306,019	2 %
Diluted	18,696,536	17,358,689	8 %	18,567,454	17,883,233	4 %
Segmental operating revenues (non-GAAP) reconciliation:
Total operating revenues, as reported (GAAP)	$ 108.1	$ 65.9	64 %	$ 423.2	$ 269.0	57 %
Marked-to-market adjustment	(4.6)	10.8	(a)	(8.4)	6.0	(a)
Adjusted operating revenues (non-GAAP) (b)	$ 103.5	$ 76.7	35 %	$ 414.8	$ 275.0	51 %
Represented by:
Commodity and risk management services	$ 58.9	$ 41.0	44 %	$ 244.2	$ 135.8	80 %
Foreign exchange	17.5	11.7	50 %	59.3	47.5	25 %
Securities	7.3	6.2	18 %	30.5	20.8	47 %
Clearing and execution services	14.8	14.3	3 %	66.1	61.8	7 %
Other	5.1	2.1	143 %	14.3	61 %
Corporate unallocated	(0.1)	1.4	(a)	0.4	0.2	100 %
Adjusted operating revenues (non-GAAP) (b)	$ 103.5	$ 76.7	35 %	$ 414.8	$ 275.0	51 %
Net income attributable to INTL FCStone Inc. common stockholders
(non-GAAP) reconciliation:
Net income (loss) attributable to INTL FCStone Inc. common stockholders, as reported (GAAP)	$ 7.5	$ (4.5)	(a)	$ 37.3	$ 5.4	591 %
Exclude income from discontinued operations	–	(1.3)	100 %	(0.2)	(0.6)	67 %
Exclude extraordinary loss	– ;	2.8	100 %	–	7.0	100 %
Marked-to-market adjustment (non-GAAP)	(4.6)	10.8	(a)	(8.4)	6.0	(a)
Tax effect on marked-to-market adjustment at blended rate of 37.5% (non-GAAP)	1.8	(4.1)	(a)	3.2	(2.3)	(a)
Adjusted net income attributable to INTL FCStone Inc. common stockholders from continuing operations (non-GAAP) (c)	$ 4.7	$ 3.7	27 %	$ 31.9	$ 15.5	106 %

(a) Comparison not meaningful.

(b) Adjusted operating revenue is a non-GAAP measure that represents operating revenues adjusted by marked-to-market differences in the Company’s Commodity & Risk Management Services segment, as shown in the table. The table above reflects all reconciling items between the GAAP operating revenues and non-GAAP adjusted operating revenues. For a full discussion of management’s reasons for disclosing these adjustments, see ‘Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations’ in the Form 10-K for the fiscal year ended September 30, 2010.

(c) Adjusted net income attributable to INTL FCStone Inc. common stockholders from continuing operations is a non-GAAP ! measure that represents net income attributable to INTL FCStone Inc. common stockholders adjusted by the after-tax marked-to-market differences in the Company’s Commodity & Risk Management Services segment, the extraordinary loss related to the decrease in net deferred tax assets related to the FCStone merger and the income from discontinued operations, net of tax. The table above reflects all reconciling items between the GAAP net income attributable to INTL FCStone Inc. common stockholders and non-GAAP adjusted net income attributable to INTL FCStone Inc. common stockholders from continuing operations.

Amgen, Boeing and Pfizer are among the week's payout hikers

Despite the equity market’s omnipresent volatility, the dividend parade keeps rolling down Wall Street. This week brought another bevy of big names boosting their quarterly payouts, and the news gave shareholders a little early holiday cheer.
In a good sign for the market at large, this week��s list of payout performers reads like a Who��s Who of the most prominent firms in their respective sectors. Pharmaceutical, aerospace, financial and industrial giants all stuffed shareholder stockings, making this another stellar week for income investors. Here are 16 companies increasing dividends this week.

Farm products and potash maker Agrium (NYSE:AGU) quadrupled its dividend, fertilizing the payout on common stock to 22.5 cents per share on a semi-annual basis. The new dividend will be paid Jan. 19 to shareholders of record on Jan. 1. The new dividend yield, based on the Dec. 14 closing price of $64.49 (the day the dividend was announced), is 0.70%. Agrium also announced plans to spend about $1.5 billion to increase its potash production capacity by 50%, as it looks to increase profits from the continued strength in crop prices.
Amgen (NASDAQ:AMGN) is the world��s largest biotech firm, and this week it engineered a 29% rise in its quarterly dividend. The company, which began paying a dividend just last year, announced a payout of 36 cents a share. The new dividend will be paid March 7 to shareholders of record as of Feb. 15. The new dividend yield, based on the Dec. 15 closing price of $58.62, is 2.46%. Amgen recently bought back nearly 10% of its outstanding shares. The company also said long time Chairman and CEO Kevin Sharer will retire on May 23, but stay on as chairman until the end of 2012.

Aerospace giant and defense contractor Boeing (NYSE:BA) sent its dividend into flight, lifting its quarterly payout 5% to 44 cents per share from ! 42 cents . The heightened payout will be made on March 2 to shareholders of record as of Feb. 10. The new dividend yield, based on the Dec. 12 closing price of $70.90, is 2.48%. Boeing continues to receive new orders for its premier 777 wide-body aircraft, and this year it��s extended its annual sales to 200 units.
Real estate investment trust Boston Properties (NYSE:BXP) boosted its quarterly payout by 10% to 55 cents per share. The new payout will be made Jan. 27 to shareholders of record as of Dec. 31. The new dividend yield, based on the Dec. 14 closing price of $93.65, is 2.35%. Boston Properties develops and manages offices, hotel, residential and retail properties in New York, Washington, San Francisco, Princeton, N.J. and its namesake city, Boston.
Discover Financial Services (NYSE:DFS) charged up its quarterly dividend, boosting its payout by 67% to 10 cents per share from 6 cents. The new dividend is payable Jan. 19 to shareholders of record as of Dec. 29. The new dividend yield, based on the Dec. 15 closing price of $23.07, is 1.73%. The credit card issuer said heavy holiday shopping helped its fiscal fourth quarter profit surge 46% year over year.
Money management firm Franklin Resources (NYSE:BEN) declared a special cash dividend of $2 a share. It also raised its quarterly dividend by 8% to 27 cents per share. Both the special dividend and the boosted payout are payable on Dec. 30 to shareholders of record as of Dec. 19. The new dividend yield, based on the Dec. 12 closing price of $96.91, is 1.11%. The company recently posted a 12% surge in fiscal Q4 profits.
The biggest lodging property REIT in the U.S. is Host Hotels & Resorts (NYSE:HST), and this week it upped the room rate it pays shareholders to 5 cents per share from the previous 1 cent per share payout. The new dividend is payable on Jan. 17 to shareholders of record on Dec. 30. The new dividend yield, based on the Dec. 14 closing price of $13.71, ! is 1.46% .

Industrial products behemoth Ingersoll-Rand (NYSE:IR) said it will raise its quarterly dividend to shareholders by 33% to 16 cents a share. The new dividend is payable March 30 to owners of record as of March 12. The new dividend yield, based on the Dec. 12 closing price of $32.11, is 1.99%.
Moody��s (NYSE:MCO) has raised the rating on its quarterly dividend to 16 cents per share from 14 cents. The parent company of credit rating agency Moody��s Investors Service will pay the new AAA-rated dividend March 10 to shareholders of record as of Feb. 20. The new dividend yield, based on the Dec. 14 closing price of $32.88, is 1.95%.

The largest producer of structural steel products in the U.S. is Nucor (NYSE:NUE), and this week it increased the hardness of its dividend to shareholders. The company boosted its payout to 36.5 cents per share from 36.25 cents. The new dividend will be paid Feb. 10 to shareholders of record as of Dec. 30. The new dividend yield, based on the Dec. 14 closing price of $38.72, is 3.77%.
Diversified industrial products maker Pentair (NYSE:PNR) added to its quarterly dividend, boosting its payout by 2 cents to 20 cents per share. The increase will be effective with the quarterly dividend payable in the first quarter of 2012. The new dividend yield, based on the Dec. 14 closing price of $33.92, is 2.59%. The good dividend news came as Pentair cut its fourth-quarter profit guidance. The company cited lower-than-expected sales in Western Europe as the reason for its lowered outlook.
Pharmaceutical giant Pfizer (NYSE:PFE) lifted its quarterly dividend by 2 cents to 22 cents per share. The world��s largest drug maker said the new dividend will be payable March 6 to shareholders of record as of Feb. 3. The company also authorized a new share repurchase program for up to $10 billion. Pfizer expects to buy back about $5 billion in comm! on stock next year. The new dividend yield, based on the Dec. 12 closing price of $20.39, is 4.32%.
Commercial property REIT Realty Income (NYSE:O) bumped up its monthly payout to 14.55 cents per share from 14.52 cents. The new dividend is payable on Jan. 17 to shareholders of record as of Jan. 2. The new dividend yield, based on the Dec. 14 closing price of $33.73, is 5.19%. This is the 57th consecutive quarterly increase and the 64th dividend increase since Realty Income went public in 1994.
Investment and fund management firm SEI Investments (NASDAQ:SEIC) declared a semi-annual dividend of 15 cents per share, a 25% increase from the previous payout of 12 cents. The dividend is payable Jan. 6 to shareholders of record as of Dec. 28. The new dividend yield, based on the Dec. 13 closing price of $15.77, is 1.90%. SEI also approved an increase in its stock repurchase program by an additional $100 million. Since the beginning of 2011, the company has repurchased approximately 10.5 million shares at a cost of approximately $201 million.
Multifamily REIT operator UDR (NYSE:UDR) added capital to its family of shareholders, increasing its quarterly payout to 21.50 cents per share from 20 cents. The new dividend is payable Jan. 31 to shareholders of record as of Jan. 11. The new dividend yield, based on the Dec. 15 closing price of $24.16, is 3.56%. The dividend represents the 157th consecutive quarterly payout made by UDR.
Asset management firm Waddell & Reed (NYSE:WDR) managed a higher payout to shareholders, increasing its dividend 25% to 25 cents per share. The new payout will be made on Feb. 1 to shareholders of record on Jan. 3. The new dividend yield, based on the Dec. 15 closing price of $24.66, is 4.06%.
Disclosure: At the time of publication, Jim Woods held no positions in any of the stocks mentioned in this article.

Home Inns & Hotels is soaring right now

So far, the summer has treated us pretty well. But, this summer ride isn’t going to be free of a few bumps — such as we felt this week after economic data from the U.S. and China.
On Tuesday, the Federal Reserve tempered its forecast for U.S. economic growth in the second half of the year. The tepid forecast helped send stocks lower on Tuesday, and that selling accelerated today. And in China we saw reports of a slowdown in factory output for July. In fact, it was the fifth month of factory output slowing, with a gain of +13.4% over the previous year. China’s retail sales and investment in factories and other fixed assets also slowed.

The slowdown in the U.S. and Chinese economies did put some selling pressure on stocks — but I think we should see the pressure ease off soon. The fundamentals remain positive, and we are seeing tremendous growth in other Asian emerging markets.
I want to repeat what I’ve been saying for awhile now regarding China’s economic growth. First off, we should expect to see some slowing in metrics like factory output. That slowing is a direct result of the government’s active moves to keep the economy from overheating. Essentially, this is exactly what China wants.
I’m actually encouraged by the factory output numbers, because along with a decline in GDP from +11.9% in the first three months of the year to +10.3% in the second quarter, it translates into much more sustainable economic growth going forward. This stable growth is what we need to keep our select China and Asia companies outpacing the market.
So, we have definite reason to believe that China stocks will continue to outperform the broad U.S. stock market as it stays in a sideways trading range. I expect to see U.S. stocks stuck in a narrow trading range — with the S&P 500 index trading between 1,050 and 1,150 for the rest of the month.
In this scenario, investors shoul! d buy on dips to position themselves for rallies. At current market levels, with the S&P 500 approaching the lower end of my expected trading range, I would start putting more cash to work.
Already, we’ve seen some incredible outperformance from several of my Asia Edge portfolio companies. And here��s one of my favorite right now: Home Inns & Hotels Management (NASDAQ: HMIN). The stock is up 21% so far on the year and is one of my Top Buys.
When it comes to finding a company hitting its earnings stride, Home Inns is a case study. Last week the company reported outstanding financial results for the second quarter, with substantial gains in every metric.
Total revenues in the second quarter increased 25.7% year over year to RMB 806.9 million (US$119.0 million), a number at the higher end of the firm’s previous guidance range of RMB 790 million to RMB 810 million. And the company’s net income for the quarter was RMB 135.8 million (US$20 million). That number far exceeded the RMB 100.4 million (US$14.7 million) in net income the company posted in the second quarter of 2009.
Home Inn’s non-GAAP adjusted EBITDA for the second quarter was RMB 274.2 million (US$40.4 million) compared to RMB 149.0 million (US$21.8 million) in the same quarter last year. That adds up to a year-over-year increase of 84%!
The hotel chain really hit the mark in the second quarter, reporting an incredible occupancy rate that exceeded 96%, and keep in mind that that high occupancy rate took place even with price increases at many of Home Inn’s mature properties. According to CEO David Sun, “The performance of our entire network improved both year over year and sequentially across all key measures, and our Shanghai-based hotels brought in a better-than-expected premium from the Shanghai World Expo.”
Having seen firsthand how many Chinese tourists — as well as world tourists — traveled to attend the World Expo, I suspected ! Home Inn would be a big beneficiary. Well, according to the company’s latest financial results, my suspicion was dead on. As long as China continues to make headway economically, I anticipate more gains for this growing hotel chain. Buy HMIN on dips below $40. Though shares are above that level right now, a volatile market could push share prices down in the next week or two and provide you a great buying opportunity.
As of this writing, Robert Hsu was recommending HMIN to subscribers of his Asia Edge newsletter.
Your Guide to Profiting From Asia’s Explosive Growth. For access to the best-kept secrets about investing in China and the rest of Asia, plus the hottest stocks to buy and sell, sign up now for Robert Hsu’s FREE Investing Newsletter, Asia Insider. It’s sent right to your email inbox every week — absolutely FREE!

India Stock Futures Rise; Sensex May Extend Biggest Advance in Two Weeks

India��s stock futures rose, signalingbenchmark indexes may extend the biggest gains in two weeks, asthe fastest pace of U.S. manufacturing growth in six monthsbolstered confidence in the global economy.
SGX S&P CNX Nifty Index futures (IHA) for January deliveryadvanced 0.1 percent to 4,781.5 at 10:25 a.m. in Singapore. Thefutures are derived from the underlying S&P CNX Nifty (NIFTY) Index,which climbed 2.8 percent to 4,765.30 yesterday. The BSE IndiaSensitive Index (SENSEX), or Sensex, added 2.7 percent to 15,939.36. Bothgauges jumped the most yesterday since Dec. 21.
A U.S. factory index from the Institute for SupplyManagement climbed to 53.9 last month from 52.7 in November,data from the group showed yesterday. The figures added toreports showing stronger manufacturing in India, China, the U.K.and Australia. India��s manufacturing industry grew the most insix months, a Purchasing Managers�� Index from HSBC Holdings Plcand Markit Economics showed on Jan. 2.
��The Indian economy has tremendous resilience,�� Nirmal Jain, chairman of brokerage India Infoline Ltd. (IIFL), said in aBloomberg UTV interview yesterday. ��The stock market runs aheadof the macro fundamentals.��
HSBC and Markit Economics are due to release theirpurchasing managers�� index for the services industries today.Their purchasing managers gauge for manufacturing rose to 54.2from 51 in November, according to a Jan. 2 statement.

Gas Discoveries

Reliance Industries Ltd. (RIL) may be active today after peoplewith knowledge of the matter said the company and partner BP Plcwon government approval to spend $1.5 billion to develop gasdiscoveries. Shares of Bharat Petroleum Corp., India��s second-biggest state refiner, may move as the company is offering tosell 11,000 metric tons of naphtha for loading in January,according to a document obtained by Bloomberg News.
The Sensex slumped 25 percent in 2011, the most since 2008,on concern a slumping rupee and record interest-rate increaseswi! ll worse n the effects of Europe��s debt crisis on earnings. Thegauge trades at 13.9 times estimated earnings, down from 19.4times at the end of 2010. The MSCI Emerging Markets Index isvalued at 9.6 times.
India��s stock market had joined the ��cheapest 4 club��based on price-to-book and return-on-equity after China, Korea,Hong Kong, Credit Suisse Group AG analysts led by Sakthi Sivawrote in a report from the brokerage today. The analysts werereviewing their ��underweight�� rating on Indian equities, theysaid in the report.
Overseas investors sold $512 million from equities in 2011,on concern a slowdown in the U.S. and Europe��s debt crisis mayerode company profits, data from the Securities & Exchange Boardof India show. That compares with a record inflow of $29.4billion in 2010. Foreign funds sold a net 391 million rupees (FIINNET$)($7.4 million) of Indian stocks on Jan. 2.

Brazil orange growers: 'We can adapt'

TAQUARITINGA, Brazil (CNN) -- Brazil's orange harvest is nearing its end as workers in the state of Sao Paulo pluck late-blooming fruit from the trees.
The yellow-green oranges will be shipped off to nearby juice factories and then shipped around the globe. Those exports rake in $2 billion for Brazil, the biggest orange juice exporter in the world, accounting for 85% of global exports.
But now, it is not clear if Brazilian orange juice will be allowed into one of its key markets: the United States.
Last week, the Food and Drug Administration temporarily halted all orange juice imports after low levels of the unapproved fungicide carbendazim were found in some juice shipments from Brazil.
More recently, the FDA said the juice is safe for consumption.

Why your orange juice is still safe

Growers in Sao Paulo say they have been using carbendazim for some 20 years and point out that it is allowed -- in low levels -- across Europe and Latin America. It is also allowed in trace amounts in other food products, like nuts, in the United States.
"We didn't even know that it had been banned in orange juice in the United States in 2009," Marco Antonio dos Santos, a third generation orange grower, told CNN.
Dos Santos, also the president of the Citrus Department at the Agriculture Ministry, says there are alternatives, however.
In fact, he and other growers already rotate the use of carbendazim with other fungicides and techniques for preventing diseases like black spot, which make the oranges fall from the trees before they are ripe.
He says Brazilian growers don't want to lose the American market, which is their second biggest after Europe. The United States currently buys 15 percent of Brazil's orange juice exports.
"If we have to, we'll eliminate this product completely," he said as he walked, showing off his 60-acre grove. "We want to supply the American market, we don't in any way want to lose it. We can ada! pt to th e American system with other products."
Growers here would take a hit if this latest crop were barred from America. Global orange juice prices would rise, too.
But Dos Santos says producers can adapt quickly and could produce the next crop carbendazim-free if it were necessary.
While Brazilian farmers and industry leaders don't see a threat to consumers' health, they say the most important thing is that people aren't afraid to drink orange juice.