Sugar #11 Mar ’22
Another quiet start saw prices ease back slightly though some light buying was then picked up and as the morning progressed so we edged back to show a small credit.
With a Brazilian holiday taking place today, further removing participants from an already quiet environment there were very low expectations that we would see any change to the current situation, and this was proving correct as we ended the morning by nudging back up above 19.50. There was no fresh news in the environment so maybe it was the knowledge that there would be no Brazilian selling above which inspired a spec push to 19.65 soon afterwards, though as we have seen this has remained limited despite the continuing BRL weakness of late and so the impact of their absence was likely limited.
Easing back from this high point there was some inevitable liquidation taking place however the lower end of the range was never under threat and we consolidated either side of 19.50. Some closing shenanigans saw March’22 spike as high as 19.62 however settlement was at 19.54 to conclude another day of rangebound activity.
ICE Futures U.S. Sugar No.11 Contract
ICE Europe Whites Sugar Futures Contract
