QCS in-season pricing
2021 Season pool prices AUD IPS t
QCS Short Term Pool 514.29
QCS Shared Pool 1,609.08
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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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.
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