Sugar #11 Mar’22
The opening saw buying for March’22 which led to a small gap higher on the intra-day chart, however there was little interest in sustaining the move once any overnight hedge lifting was concluded and values soon retreated back to overnight levels. The slow sideways movement then saw a drift to print a point beneath last nights low at 19.62 however scale buying interest remains in this area and we were able to gather back into the range soon after and maintain the monotony. The start of the US day brought some fresh buying to the fore with a sharp rally taking March’22 briefly up to 20.04, though in truth with most participation recently being the same specs/day traders whipping around the move never seemed likely to sustain. A second more gradual push then took prices within a point of the earlier high but again was followed by some liquidation that sent the price back to the 19.80’s once more. With the market still not finding momentum to either direction we settled down to a quiet last hour to conclude another range bound session at 19.85.
Sugar #5 Dec21
The current cycle which has seen the market yo-yo about within the broad range was immediately renewed as the opening minutes saw Dec’21 reject yesterday’s fall with a rapid push back to $507.90. With the initial buying concluded we soon settled back a little to consolidate the early rage though volume was a little better than of late as Dec’21/March’22 buyers pushed the spread upwards towards parity. The recovery gathered momentum as we moved into the afternoon and though the progress came in waves it resulted in sizable daily gains of almost $10, something which would have been more impressive if only we were not simply retracing yesterdays losses on moderate volumes. It is not just the flat price which is yo-yoing with the relative market movements also having the same impact upon the white premium value, March/March’22 today flipping back above $70 to see highs in excess of $73. The final hour brought nothing new to enliven proceedings and the day ended quietly at $507.50 with more of the same expected for tomorrow.
ICE Futures U.S. Sugar No.11 Contract
ICE Europe Whites Sugar Futures Contract
