• QCS market report July 2021 14 July 2021

    Sugar

    • Raw sugar futures seesawed this month as the July-21 contract expired and a lack of fresh fundamental inputs pushed the market around.
    • Given the lack of fresh fundamental news, sugar market participants kept a keen eye on CS Brazil and its current crush.
    • Sugar saw some follow-through weakness from the grain market last week and looks technically soft in the near term.

    Macro/currency commentary

    • AUD price action chopped lower over the last month.
    • Key drivers for global markets appear to be the trajectory of rate hikes and tapering of quantitative easing programs around the world from the respective central banks.
    • The AUD made a clear break from its painstaking USD 0.77– 0.80 range and looks set to face more downside pressure.
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