• QCS market report 22 November 22 November 2019

    Sugar

    • A relatively quiet month for raw sugar futures, with the prompt March20 contract trading in a 12–13 USc/lb range following the October19 contract expiry.
    • Trade flows remain balanced in the near term, with many analysts expecting a global deficit from Q2 2020 and beyond.
    • Near-record short spec positions have also helped keep prices afloat above 12 USc/lb.
    • While there is support for prices at current levels, large stockpiles in India and China are keeping the market at bay.

    Macro/currency commentary

    • A recovery in the AUD was short lived as local issues outweighed weakness in the USD
    • Trade uncertainty continues to weigh on the AUD.
    • The RBA remains in play, with the latest meeting minutes indicating a case could be made to reduce interest rates.
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