Sugar futures hit 5-1/2 month high

On November 16, 2017, in sugar futures trading news report, by Infinity Trading
sugar futures brokers

sugar futures brokers

November 14th, 2017

Sugar futures raw on ICE edged up to equal the prior session’s 5-1/2 month high on Tuesday as funds scaled back short positions, although the rise was slowed by producer selling.
SUGAR

* March raw sugar was up 0.03 cents, or 0.2 percent, at 15.16 cents per lb by 1210 GMT after equalling Monday’s 5-1/2 month peak for the front month of 15.18 cents.

* Dealers said the recent run-up in prices has been driven partly by a rise in energy prices which is leading to a switch in Brazil to using more cane to produce ethanol at the expense of sugar.

* Dealers said the switch would curb sugar production in Brazil and reduce the size of a widely anticipated global surplus in the 2017/18 season.

* “We are not talking about the disappearance of the surplus but we are talking about a reduction (in its size),” one London dealer said.

* Dealers said the market was, however, struggling to overcome resistance around the March contract’s peak in September of 15.20 cents and a break above that level could trigger a fresh wave of fund short covering.

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sugar futures brokers

sugar futures brokers

February 24th, 2016

Sugar futures are still a “buy”, even after their 9% surge of the last session, Australia & New Zealand Bank said, citing factors including the world production deficit and the cut by funds of their net long position.

Raw sugar futures on Tuesday staged their biggest gain in New York since at least 1993, on a most-active contract basis, a surge attributed to a cocktail of factors, including technical factors, and an increase by the International Sugar Organization to its forecast for the world output deficit in 2015-16.

Other explanations proffered include talk of a squeeze on European white sugar exports, a call by Imperial Sugar for up to 500,000 tonnes of extra US import quota for raw sugar, and talk of port delays to Argentine deliveries.

“Observers are offering plenty of explanations for the rise,” said Tobin Gorey at Commonwealth Bank of Australia, adding that “traders will tell, or perhaps bore, their grandchildren with tales of this day”.

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sugar futures quotes

sugar futures quotes

March 3rd, 2015

Signs of bigger supplies sent sugar and coffee prices tumbling as rains improve harvest prospects in Brazil, the world’s top grower and exporter of both crops.

Sugar futures dropped to the lowest since May 2010 on Tuesday, and coffee plunged more than 6 percent to post the biggest loss in more than four years. Showers across most of Brazil’s growing regions last month helped replenish soil parched by dry weather in January. The brighter production outlook comes as India is poised to export more sugar and farmers gather larger coffee crops in Latin America.

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