Today No.11 market opened at 18.50, 4 points below yesterday’s settlement. From the opening until 10 am, selling pressure pushed the market back to 18.32. At that point, buyers started to appear and at about 2 pm, the market recovered the 18.50 opening level, trading sideways until 3h30pm. The following half-hour registered big volume spikes when sellers dropped the market again to 18.30 levels. Lateral moves were seen between 4 pm and 5h30 when big selling volume was responsible for lowering the market to 18.22, the daily low. In the last 15 trading minutes, the market tried to recover from the losses, but sellers still overweighed buyers and the market closed at 18.25, 3 points above the day’s low. Settlement price was 18.27, a -.27 change from the previous settlement (-1.46 % change). Oct 22 volume was 46k lots and the spread closed at +0.02. Since the beginning of August, V22 went from a low of 17.20 to a high of 18.70 yesterday. Today`s drop seems to break the month’s bullish move; it will be interesting to see how the market behaves in the next sessions.
Today white sugar market opened with a slight loss compared to yesterday’s close of Oct’22 at 560.40. During the morning, the market tried to keep the levels above 560 but ended up falling in the first hours of the day, driving by a seller’s volume, at 09h30am and 09h45am leading the prices back to 553.80. In the early afternoon, the market printed an upward movement recovering the losses in the morning and bringing the prices above 560 again but after Oct’22 hit 560.60, it went down reaching the minimum of the day at 551.30 followed by a recovery in the last 30 minutes leading the Oct’22 to close at 563 90, a decrease of 7.1 USD/Mt (-1.28%) against yesterday close, with the white premium at 151.11, and the Oct/Dec’22 spread at 29.4.
