• QCS market report 19 September 19 September 2019


    • Raw sugar futures have drifted lower over the past month as the excess global supply of raw sugar weighs further on prices.
    • Prompt October19 contract succumbed to the pressures, making life of contract lows below 11 USc/lb.
    • With the market well supplied through Q4 2019, analysts are predicting Indian exports will hit the global market through the first half of 2020.

    Macro/currency commentary

    • A generally positive month for the AUD, trading back toward USD 0.69 on a weaker USD and sentiment around the ongoing trade discussions.
    • With US/China trade talks set to resume next month, not many believe this discussion will provide any relief to the struggles of the US economy.
    • Locally, the RBA looks on track to cut rates again in 2019. Q2 GDP results and the latest employment figures (further weakness in the labour market) were well below the RBA’s forecast figures.
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