QCS in-season pricing
2021 Season pool prices AUD IPS t
QCS Short Term Pool 514.29
QCS Shared Pool 1,609.08
Sugar
Further weakness was seen last week as prices fell all the way to Friday night.
Prompt March18 contract found decent support near 13 USc/lb to settle the week at 13.25 USc/lb.
In India, the Government revised their production estimates for the season higher.
In Brazil, weather forecasts remain average for the rest of the wet season, whilst most of the attention is now on how much ethanol will be produced.
Currency/macro commentary
The AUD maintained an USD 0.80 handle, ensured by weakness flowing from the US Government shutdown on Friday night.
AUD price action was highlighted by some stronger local employment data.
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Sugar
After a strong performance over the Christmas break, raw sugar futures slipped dramatically last week.
A shortened trading week saw the market close on the front foot. Expect to see some of this follow through when the US returns from the long weekend.
In Thailand and India, weather remains accommodating as respective harvests continue to flourish, with increased output estimates.
Currency/macro comments
The AUD enjoyed a strong rise through the end of 2017 and the beginning of 2018.
Five-month highs continue to hold as the AUD traded through USD 0.7900 on the week.
Stronger than expected US CPI data did little to stifle a rampant AUD, which will look to test USD 0.80 this week.
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