Sugar #11 Oct '21 (SBV21)
Sugar #11 Futures Market News and Commentary
July NY world sugar #11 (SBN21) on Wednesday closed up +0.26 (+1.58%), and Aug London white sugar #5 (SWQ21) closed up +4.90 (+1.17%).
Sugar prices on Wednesday posted moderate gains. Sugar rallied on strength in crude oil, which climbed to a new 2-1/2 year high Wednesday. Strength in crude oil benefits ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward ethanol production rather than sugar production, this reducing sugar supplies.
Expectations for smaller Brazil Center-South sugar production are also favorable for prices with the consensus for Brazil Center-South first half of Jun sugar-cane crush of 40.2 MMT and sugar production at 2.55 MMT. The sugar production data by Unica will be released on Thursday.
Sugar prices also have support from strength from the Brazilian real (^USDBRL), which rose to a 1-year high against the dollar on Wednesday. The stronger real discourages export selling by Brazil's sugar producers.
... Read more
- September Soybean Meal - Reached its Target. I'm Going Long
Profited from Put Options. Just Bought Call Options.
- Cotton Gives Back Some of Wednesday Advance Overnight
Cotton futures were lower overnight, and trading 2 to 118 points lower this morning. At the close, front month cotton futures were 72 to 224 points in...
- July Soybeans - Two Target Prices This Week
1282 is required to create a bullish pitchfork.
- Triple Digit Rally for Cotton
At the close, front month cotton futures were 72 to 224 points in the black. July contracts were the biggest gainer on the day. Crude Oil futures...
- NY Cocoa Closes at a 1-1/2 Month Low on Abundant Global Cocoa Supplies
September ICE NY cocoa (CCU21 ) on Wednesday closed down -27 (-1.13%), and September ICE London cocoa #7 (CAU21 ) closed down -15 (-0.92%). Cocoa prices...
- Coffee Prices Close Higher as Strength in the Brazilian Real Boosts Arabica
Sep arabica coffee (KCU21 ) on Wednesday closed up +1.80 (+1.18%), and Sep ICE Robusta coffee (RMU21 ) closed up +26 (+1.63%). Coffee prices on Wednesday...