There as no Christmas cheer for the market yesterday as No.11 values slumped to yet more recent lows while some parts of the world were stood away for the continuing festivities. The impact of these losses was being absorbed as we chopped around either side of unchanged levels through the early part of the morning, and while trading then calmed to leave prices edging along near to 19.20 it was still just ahead of yesterday’s 19.17 low mark and so provided a semblance of support. Little then changed through the morning with the next movement coming ahead of the US morning with a bounce to 19.39 though this quickly faded, and the price returned to the lows ahead of the UNICA data for the first half of December. This showed cane at 8.83 mmt / Sugar 0.348 mmt / Mix 35.67% / ATR 115.92 kg/t / Ethanol 0.765 mlt and prompted a recovery to a new daily high at 19.45 across the next hour before once again easing back into the days range. Though prices continued to chop around it had no consequence for the wider market direction with the session left to peter out quietly. March’25 settled at 19.37, heading into the weekend with a vulnerable appearance remaining.
There was an almighty slide on the opening as the whites looked to match the movement seen from No.11 while we were closed for Boxing day, with March’25 shedding more than $11 initially and then a little more soon afterwards as lows were registered at $505.60. There was an air of shell shock about the market through the rest of the morning as prices tracked along just in front of these lows, only showing any glimmer of recovery when buying emerged ahead of the US morning to bring the market back above $510.00. The respite was brief and before too long the price action had returned to the lower end of the range, and area which it struggled to break from for the rest of the session. No.11 was seeing a little more movement than the whites which caused the white premium values to chop around, March/March’25 moving between the upper $70’s and mid $80’s through the day though this movement was assisted by a lack of activity. The flat price endured at the bottom of the range right the way through to the close, with a settlement made at $508.50 to leave the chart looking weak again as we head into the weekend.
