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Weekly Market Report 19 April 2017 19 April 2017
Sugar
- Raw sugar futures have traded choppily over a 100 point range this week.
- Tests of 17 and 16 USc/lb have been met with decent resistance and support.
- Looking ahead, Brazil becomes a key market driver with the start of their 17/18 harvest.
Currency/macro comments
- AUD price action has been highlighted by a recovery back toward 76 cents.
- RBA continues to highlight concern for the local housing market and employment growth.
- Near term, AUD remains under pressure with commodities continuing to slide lower.
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Monthly Market Report April 2017 1 April 2017
Sugar
- A bounce off 15.15 USc/lb highlighted price action for the month.
- The approach toward ethanol parity (15 cents) saw sugar back above 16 USc/lb.
- In the short term, the view remains neutral with weather risks driving any moves higher.
Currency/macro comments
- A joyless month for the AUD posting five-month lows at 0.7330 USD.
- AUD weakness attributed to a combination of a firming USD and soft commodity prices.
- Further clarity and responses to reduced OPEC production will hold markets near term.