International Sugar Market Report 04 January 2018

Sugar Market Commentary:

• General Comments:

  Futures were higher as the US Dollar moved lower and energy prices moved higher. The Crude Oil market is keeping an eye on Iran and Venezuela as both are major oil producers and both are in increasing political turmoil. Price action has been strong due to the strong demand for ethanol that has diverted some Brazil mill production away from Sugar. Mills in Brazil have decided to make more Ethanol as world Crude Oil and products prices have been very strong. Ideas are that these prices can continue strong as OPEC and Russia have agreed to keep production constrained compared to world demand. There are also ideas that index funds will add significantly to long positions in the rebalancing operations later this month.

• Overnight News:

  Brazil should feature showers and storms each day into next week. Temperatures should be on both sides of normal

• Chart Trends:

  Trends in New York are up with objectives of 1590 and 1630 March. Support is at 1480, 1460, and 1420 March, and resistance is at 1530, 1550, and 1580 March. Trends in London are up with no objectives. Support is at 392.00, 391.00, and 385.00 March, and resistance is at 399.00, 410.00, and 420.00 March.

London Sugar # 5 Closing
Month	Settle	Change	High	Low	Total Vol.
Mar 18	399.30	0.7	401.00	396.70	2040.00
May 18	397.20	1	397.90	393.60	459.00
Aug 18	399.60	1.2	400.40	396.20	196.00
Oct 18	400.90	1.7	400.90	398.00	7.00
Dec 18	405.00	1.8	405.00	402.50	1.00
Dated: January 03, 2018			Source: ICE

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Nybot Sugar # 11 Closing
Month	Settle	Change	High	Low	Total Vol.
Mar 18	15.31	-0.02	15.37	15.18	37455.00
May 18	15.21	0.02	15.24	15.06	10257.00
Jul 18	15.21	0.04	15.25	15.05	5915.00
Oct 18	15.39	0.05	15.43	15.23	2774.00
Mar 19	15.92	0.07	15.96	15.75	675.00