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SUGAR UPDATE The recent nearly 200 push higher in sugar came about with a very small increase in the spec posi-on. This would imply commercial interests have capitulated and covered back their shorts. Given the extent of the move higher and the small change in spec positioning it would also suggest they have been selling (taking profit) into this rally. Following the weather, much-needed rain in Brazil has given back into dry weather. The monsoon is on track in India and it is raining in Thailand on and off. D...

Brexit questions and what it means for us Last Friday, against market and bookmaker views, the UK voted to leave the European Union. David Cameron (UK PM) resigned instantly and it appears Jeremy Corbyn’s position as opposition leader is no longer tenable as 11 of his shadow cabinet have resigned in protest. A new Prime Minister will be announced by September 2nd and it is expected they will enact Article 50, the EU clause that allows for two-year negotiations to begin for the exit. Europe is wanting a quick exi...