• QCS Market Report 31 July 2018 31 July 2018

    Sugar

    • Again, there appears to be no good news about the market this week.
    • This week we saw spreads weaken—most notably, October/March—and Thai premiums soften, given an uptick in exports.
    • Brazil’s harvest slowed as more mills shut, favouring ethanol over sugar.

    Macro/currency commentary

    • It was more of the same for currency markets last week, as the AUD continued to spin its wheels.
    • Despite small losses on the week, the AUD managed to hold a USD 0.74 handle.
    • Looking ahead, the data calendar fires up again this week, with local and international data scheduled for release.
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  • QCS Market Report 17 July 2018 17 July 2018

    Sugar

    • Raw sugar futures were lower across the board this week, with the prompt October18 contract finishing the week below 11 USc/lb.
    • Price action was largely one directional all week as ‘no news’ has been perceived as a reason to continue to sell.
    • The numerous Thai and Brazilian producers with substantial hedging left to complete will limit any bounce, as the market gyrates in the 11–13 USc/lb range.

    Macro/currency commentary

    • Trade wars were back into the fray in a bigger and nastier manner last week, with investors becoming more risk averse about the potential effects of a trade war.
    • AUD price action heated up on Wednesday after headlines claimed the US would impose additional tariffs on Chinese imports, sending the AUD sliding to 14-month lows at USD 0.7361.
    • In the week ahead, the RBA July meeting minutes are due out, with important employment data released on Thursday.
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