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In the commodities market you can sell what you do not have, as long as you have it to satisfy the deal by the end of the market day. And remember, NOBODY in this room wanted Orange Juice at the end of the day, merely the MONEY that changes hands. Billy Ray is delaying the purchase of the Frozen Concentrated Orange Juice because they are in a market of ...
This article does a good job of explaining what's going on during this scene. In essence, Valentine (Eddie Murphy) is writing down futures buys for frozen concentrated orange juice (FCOJ) and is likely smiling because he is making a huge profit, having sold FCOJ futures (just before the crop report was publicly announced) at a higher price.
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