• QCS Market Report 19 June 2019 19 June 2019

    Sugar

    • After spending much of Q2 below 12 USc/lb, prompt July futures have surged back towards 13 USc/lb.
    • Brazil continues to produce more ethanol over sugar, despite weaker WTI oil prices, with stronger demand for ethanol keeping ethanol prices buoyant.
    • The question remains if and how much sugar India will export this year. If the Indian government can solve the supply glut, then prices are expected to come under pressure again.

    Macro/currency commentary

    • A busy few weeks for the AUD as the Reserve Bank of Australia (RBA) cut interest rates at its latest meeting and indicated more cuts are on the way in 2019.
    • This week we saw the US Federal Reserve leave rates on hold at 2.5%.
    • The AUD continues to trade near USD 0.69. Topside resistance is expected if the market returns toward USD 0.695.
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