Raw sugar futures continued to slide over the past week.
Very little price positive news, other than the hope for a significant weather event.
We remain wary of a large commercial short position, which would see a wave of selling if the market was to bounce.
Currency/macro comments
Despite a lacklustre week, the AUD managed to finish on the front foot, toward USD 0.76.
AUD seems to have found decent support and resistance in the USD 0.755–0.765 range.
Many question whether the Fed can continue to hike at a heightened rate and trim down their balance sheet at the same time. Price action would suggest not.
If QCS is the marketer for all or some of your GEI sugar and you would like to forward price online, please contact us to arrange access to the Pricing Portal.
