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SUGAR UPDATE A further downward bias was seen in raw sugar futures the past week. Prices fell another 100+ points, week on week. A continued speculative liquidation, uptick in production in India and headlines China were looking to offload 300 kmt of stock, highlighted the week. As expected, the latest Commitment of Traders report illustrated a 31,000 net long reduction to 155,000 lots. By market close tonight, we expect to have shrunk by at least another 20,000 lots. Last week, ISMA released a constructive outlo...

SUGAR UPDATE Recent price action for raw sugar futures have been highlighted by a mass reduction in speculative net longs. The market has seen specs lighten up overweight positions immensely, with the belief, there is more room fall. A lack of bullish enticement has made the market more unattractive for user longs toftenter. An announcement by Petrobras (Brazil) to raise fuel prices last week temporarily quelled concerns. Prompt, March-17 trading up toward the all-important 200 day moving average (20 USc/lb) b...

SUGAR UPDATE Raw sugar futures have remained in a downward bias over the last week. A midweek run toward 20.50 USc/lb appeared weak-kneed as prices fell on reports of a Chinese import quota of 1.8 million tons by Government. An import quota will be key for prices in the short/medium term as this could bring demand forward with much expectation for front loading of pricing. Given this duty, we expect smuggling to increase as a result. The latest UNICA report was released as expected, with cumulative production n...