QCS in-season pricing
2021 Season pool prices AUD IPS t
QCS Short Term Pool 510.56
QCS Shared Pool 1,956.68
Sugar
An uneventful week for raw sugar futures, which traded a 76-point range to finish the week slightly higher.
Dubai Annual Sugar Conference attendees were overwhelmingly bearish due to statistical surpluses on the way.
Currency/macro commentary
Following increased volatility in global asset markets, the AUD has underperformed in the last week.
Over the week, the USD made up for recent weakness as yields soared, while the AUD bottomed out at USD 0.7759.
Locally, we saw the first RBA meeting of 2018, which was accompanied by commentary perceived as ‘more upbeat’ as the RBA left rates on hold.
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Sugar
Raw sugar futures seesawed across a 58-point range last week, before eventually settling near the week high on Friday night.
Market fundamentals remain solid as the specs historical net short position and ethanol parity in Brazil continue to keep prices at bay.
Currency/macro comments
The AUD remained under pressure into the end of the week as US Payrolls data released better than expected.
In addition to lingering weakness following a soft CPI print, the AUD closed at the week’s low.
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