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- There was a record July19 contract expiry delivery, as a remarkable 2.1 mmt of sugar was delivered to the tape.
- Brazilian mills continue to minimise sugar output as demand for ethanol and firm US corn prices support ethanol prices.
- The Indian Government is set to approve another tranche of 5mmt of exports, with weather being the key driver for the region.
- A weaker USD in the face of an impending historical US interest rate cut by the US Federal Reserve has seen the AUD bounce back above USD 0.70.
- RBA July meeting minutes are due out this week with the market looking for hints around the timing of another interest rate cut at home.