• QCS market report 14 October 2019 14 October 2019

    Sugar

    • Raw sugar futures rallied in the run up to the October 19 expiry and continued to strengthen afterwards, before losing momentum and giving back two weeks’ worth of gains.
    • Prices have traded freely with the October 19 contract off the board
    • Indian sugar is still expected to hit the global market through Q1–Q2 2020, however prices will need to move back into the 13–14 USc/lb range to incentivise exports from the region.

    Macro/currency commentary

    • An uninspiring month for the AUD, which gave up prior gains that had seen the dollar climb back up to USD 0.69.
    • The RBA continued to ratchet up easing expectations by cutting interest rates to a record 0.75%. 
    • Looking ahead, US and China trade discussions remain at the forefront of AUD drivers in the near term.
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