Sugar #11 Mar’22
A disappointing opening saw March’22 trading lower as buyers failed to push on following last nights positive close, and such was the lack of interest that a low volume slide was allowed to develop which saw the price as low as 19.61 by late morning. Some light but aggressive buying then emerged to take us back into the 19.70’s and away from the lows, and though attention seemed to be focussed on the Oct’21 expiry there proved to be sufficient interest for a second buying effort to take the price to 19.94 early in the afternoon. Alongside the flat price recovery for March’22 we were seeing Oct’21 surge ahead to its own high at 19.32 while the Oct’21/March’22 recorded an intra-day high at -0.60 points as remining shorts looked to cover ahead of tomorrow against thin resting scales. Open Interest has reduced significantly again to just 10,779 lots and with today’s volume considered we seem to be heading towards a small tender tomorrow night. March’22 continued within the established range throughout the rest of the afternoon though drifted down to settle at 19.72. Focus will remain on Oct’21 tomorrow to see what is tendered and maybe then the focus can expand as it will need to if we are to escape the broad range of the past month.
Sugar #5 Dec22
Any hopes from longs that the market could build upon yesterday’s turn back upward where dashed in the opening moments when a higher opening met immediate selling which maintained through the morning to send Dec’21 as low as $504.00. There was far less impact upon spreads with the entire board falling in a uniform way, though outside the front two prompts this was a relative situation as the rest of the board simply matched the move on zero volume as bids backed away. By noon we saw some buying emerge to pull away from the lows and though activity remained light and sporadic the recovery in No.11 encouraged us to follow and moved price back into positive ground. Despite the recovery there was little support to be found for the white premium values where recent gains were being surrendered as March/March’21 eased back to $72.00. Having held near to unchanged levels the final hour saw Dec’21 slip back lower to eventually settle at $505.00, concluding a slow day with the range set to continue as we reach the end of the third quarter tomorrow.
ICE Futures U.S. Sugar No.11 Contract
ICE Europe Whites Sugar Futures Contract
