• QCS Market Report May 2021 19 May 2021

    Sugar

    • Raw sugar futures traded higher over a 200-point range in the last month, with the prompt Jul-21 contract making life-of-contract highs above 18 USc/lb.
    • There is speculation about shortfalls in the Brazilian crop, after the latest UNICA report showed a slower crush in Brazil’s CS region.
    • The Brazilian crop output will be the focus going forward, with possible changes in output, sugar mix and yield key drivers for prices.

    Macro/currency commentary

    • The AUD has chopped over a USD 0.7688 – 0.7889 range tin the past 30 days, as global reflation returns to the radar against strong commodity prices.
    • Iron ore and oil prices have led the charge for commodity currencies this year, as demand heightens for natural resources.
    • Locally, the RBA upgraded its forecast for employment and kept interest rates on hold.
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