• Having gapped lower yesterday the market struggled to regain any ground this morning with Oct’22 spending most of the morning holding a small range in the lower 18.80’s. There was some movement being seen elsewhere in the commodity world, notably crude which continues to perform well and the rest of the softs sector, however sugar was resolute in its disinterest of this with the fundamental picture remaining the dominant factor in keeping values at the lower end of the broader 3-month range. With the USDBRL having moved back above 5.10 there was a little less incentive for any smaller specs to try and push back up (despite a continuing lack of producer pricing orders) and this showed as the afternoon drew some selling which led into the consumer scales and recorded a new low for the current decline at 18.68. With the index roll now behind us Jul’22 is getting down to the nitty gritty of trade closeouts ahead of delivery, and there was another day of firmer front month spread values on this with Jul/Oct’22 working up to -0.09 points intra-day. By the final hour, the flat price was holding the centre of the range though found some late buying to edge up to settled at 18.80. A wild post close then saw a spike to 18.99 on light buying though with settlement already established whether this will in any way influence the market tomorrow morning is debatable, the environment still appearing rather heavy without the macro influence necessary to bring back the specs in any great number.
