• Weekly Market Report 20 June 2018 20 June 2018

    Sugar

    • Raw sugar futures struggled to hold in the face of persistent downward pressures around anticipated output in major producing regions
    • A considerably weaker Brazilian real afforded producers an opportunity to do some pricing.
    • Looking ahead, there is mention of a potential El Nino weather event, although Thai and Indian crops are unlikely to be disrupted, given timing.

    Macro/currency commentary

    • Despite a disruptive weekend following the G7 summit in Quebec, currencies started the week relatively quietly.
    • As expected, the US Fed lifted rates another 25 bps, signalling that another two hikes in 2018 are likely.
    • The AUD moved lower in response to the central bank’s statement and has continued to slide since.
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  • Weekly Market Report 13 June 2018 13 June 2018

    Sugar

    • Large swings either side of 12 USc/lb are the norm in this week’s daily sugar chart.
    • Raw sugar futures seesawed on a weaker Brazilian real, allowing for heavy producer selling to be absorbed by fund buying.
    • The Indian Government announced its relief package for the struggling local sugar market.

    Currency/macro commentary

    • Topside momentum for the AUD stalled last week above USD 0.7675.
    • The RBA left interest rates on hold as expected, which saw the AUD briefly below USD 0.7600.
    • US President Trump has declared the US-North Korea summit a success, and that it has led to a ‘secured commitment for denuclearisation’.
    • The USD has performed well since, with CPI data releasing in line with expectations.
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  • Weekly Market Report 4 June 2018 4 June 2018

    Sugar

    • A three-week recovery in raw sugar futures was stopped in its tracks on Friday night, retracing any headway made in the previous weeks.
    • Newswires were highlighted by the resignation of Brazil’s Petrobras CEO, and fears of a return to a fixed-price gas agreement helped drive sugar prices lower.
    • With large selling pressure above 13 USc/lb, news of rain and an end to the truckers’ strike did little to help sugar markets’ fortunes.

    Currency/macro commentary

    • Seesawing price action saw the AUD slide below USD 0.7500 mid-week, before rebounding back above USD 0.75.
    • Positive price action was capped as the monthly US Non-Farm Payrolls data beat expectations on Friday night, with US stocks, treasury yields and the big dollar all higher.
    • A busy week ahead on the economic data calendar, with the RBA meeting on Tuesday expected to leave rates on hold, with little change to the accompanying commentary.
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