SUGAR UPDATE
On light volumes sugar has pushed back towards the top of the range. In a macro sense very little seems to have changed to be driving this move higher. The net spec position has pushed long an additional 50k for the week and now stands at +100k. On the positive side, USD/BRL has fallen away to 3.58 with BRL shorts being covered into the potential for the impeachment of the President. There was some market talk around suggesting 75% of the upcoming crop has already been priced, taking away some of the ...
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