On the back of further upward crop revisions in Thailand and India, raw sugar futures printed fresh lows, seen last in September 2015.
In addition to further upward crop revisions, the Indian Government scrapped their export quota, as fears of even more sugar on the market shook the global market.
Brazil and its ethanol output will be watched by more as many speculate on how much sugar and ethanol is produced this coming season.
Macro/currency commentary
The AUD is currently being led by a strong macro USD and Euro theme.
A short week for markets given the Good Friday public holiday, with very little on the economic data calendar.
Expect price action to ramp up again next week as markets return from the long weekend and there is a bigger window for US President Trump to reply to China’s trade responses.
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