Sugar experienced a much calmer session today with No.11 values holding within a 27 point range. Much of that movement came during the morning as we ranged between 12.46/12.66 during the first 30 minutes before gradually easing to consolidate at the lower end of this range. Spreads meanwhile came under pressure and we initially saw a correction of yesterday’s strength, though the longer the day wore on we increasingly saw the board flatten with the correction eradicated. In the meantime to emphasise the validity yesterday’s late movement we were also seeing further strength in the WP values as May/May pushed ahead towards $88 and Aug/Jul reached $82. An incredibly flat afternoon followed in which prices edged sideways at the lower end of the range, no surprise given the ongoing macro concerns and with the USDBRL weakening back towards 4.70 once again to undo yesterday’s brief recovery. The closing stages saw prices under pressure to make new session lows, concluding weakly at 12.26 basis May’20.
