Opening selling sent Jul’24 down to 19.51 however it was not long before things levelled out with a return to sit little changed in the 19.60’s. Since the rally has stalled the market has felt directionless and this situation remained throughout the morning with values sitting calmly within the early range and showing no interest to move very far in either direction. Gradually the afternoon saw small pockets of buying appear to push the price to new daily highs, though successive efforts each fell shy of the highs from Monday and Tuesday with Jul’24 stalling in the 19.70’s. The spot month meanwhile was seeing more spread buying ahead of next Tuesdays expiration and May/Jul’24 printed up to 0.30 points during the afternoon , though for Jul/Oct’24 things were flatter with the spread remaining at a small discount. Highs were recorded as the close neared at 19.79 for Jul’24, with a solid settlement established at 19.77 ahead of some late position squaring which sent the price tumbling to 19.62 on the post close. May/Jul’24 was pushed back down to end at 0.23 points and continuing sideways trading seems the most likely scenario when we resume.
The whites have been making steady progress over the past few days, aided by the recovering white premium values, though this morning the situation was relatively calm as nearby positions looked to hold on to minimal gains in quiet trading. The larger funds remain disinterest by sugar at present and so there was little change to the picture during the early afternoon, though gradually some fresh buying did arrive for Aug’24 to take the price upward to $577.90 across the next few hours. This also widened the Aug/Jul’24 white premium back to the $142.00 area, though there was little change to values down the board with Oct/Oct’24 continuing near to $120.00. The later stages did see some light profit taking drop values by a small amount from the highs, though another solid showing still ended in gains at $576.60. Aug/Jul’24 closed at $140.75 and Aug/Oct’24 at $20.70, both off their highs but maintaining some upward trajectory.
