Sugar #11 Mar ’21

December has been so far a month of too few signals and too much noise, and today was no different.In a rather illiquid phase, the market traded a volume of 37k lots on the first prompt which makes price movements much more sensitive to smaller aggressions. Market traded within a 10pt range for most of the morning, with very slim volume. After 10 a.m. BRT activity picked up, with market reaching 14.22 by 10:25 am and receding shortly after. By 11:40 a.m. buying action renewed, and the high of the day (14.32) was reached at 13:06 p.m. Trading eased until the closing call where, probably due to the January options expiry was by far the most liquid hour of the day, buyers and sellers on a tug of war that saw H21 settling at 14.21, 9 pts above last settlement.

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Futures U.S. Sugar No.11 Contract

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ICE Europe White Sugar Futures Contract 

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Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

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