QCS in-season pricing
2021 Season pool prices AUD IPS t
QCS Short Term Pool 510.56
QCS Shared Pool 1,956.68
Sugar
It was a turbulent week for raw sugar futures ahead of the annual New York sugar week, with heavy fund selling leading the market into the abyss.
Following last week’s negative price action, the market appears to have stabilised at technical support levels near 11.70 USc/lb.
As a bounce back above 12 USc/lb looms, large Thai producer pricing likely sits above 12.50 USc/lb, capping too much optimism.
Macro/currency commentary
The AUD capped off a big week below USD 0.70. The local unit remained under pressure, with strong US data and no policy change from the RBA.
Looking ahead, markets will remain cautious as the trade war continues to swing prices around, based on rhetoric.
Thursday sees the local employment report for April, which will be key for the RBA’s meeting next month.
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