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 |
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 |
Sugar Market Commentary:
General Comments:
Futures were lower in both New York and London again yesterday. Futures have now fallen back into the recent range. Chart patterns are more neutral now due to the weakness in futures as a breakout higher seems to be failing. Brazil features reduced sugarcane crush and continued emphasis on ethanol production and reduced Sugar production as it moves to cover domestic demand at the expense of exports. Trends are turning up in London and in New York after the price action last week on ideas of reduced availability of Sugar to the market. There have been no big demand reports, and the lack of demand against ideas of big world production are keeping the market in a fundamentally bearish mode. Even so, the charts in both New York and London imply that higher prices are still possible
Overnight News:
Brazil should feature showers and storms this and next week and drier weather this weekend. Temperatures should be near to above normal today and tomorrow, then near to below normal
Chart Trends:
Trends in New York are mixed. Support is at 1480, 1460, and 1430 March, and resistance is at 1520, 1550, and 1580 March. Trends in London are mixed. Support is at 383.00, 380.00, and 377.00 March, and resistance is at 393.00, 396.00, and 399.00 March.
Landon Sugar # 5 Closing
|
| Month | Settle | Change | High | Low | Total Vol. |
| Mar 18 | 397.10 | 2.3 | 397.90 | 394.00 | 3573.00 |
| May 18 | 399.70 | 1.1 | 400.80 | 397.80 | 1390.00 |
| Aug 18 | 404.10 | 1.3 | 404.80 | 401.90 | 442.00 |
| Oct 18 | 405.80 | 1 | 406.50 | 404.30 | 90.00 |
| Dec 18 | 410.90 | 0.2 | 411.30 | 410.70 | 58.00 |
| Dated: November 24, 2017 | Source: ICE |
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