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Sugar #11 May '20 (SBK20)

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Sugar #11 Futures Market News and Commentary

NY Sugar Sinks to a 6-1/4 Month Low on Weak Crude and Ample Supplies

May NY world sugar #11 (SBK20) this morning is down -0.18 (-1.73%), and May London white sugar #5 (SWK20) is down -4.70 (-1.33%).

Sugar prices this morning are weaker with NY sugar at a new 6-1/4 month low on weakness in crude oil and the Brazilian real. Crude oil is modestly lower today and just above last week's 18-year low, which is bearish for ethanol prices and may encourage Brazil's sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies. Ethanol prices are also seeing downward pressure after Brazil's two largest fuel distributors on Monday declared force majeure on purchases of Brazil ethanol due to weak fuel demand.

Overall weakness in the Brazilian real against the dollar is another major bearish factor for sugar prices. The real is down -0.59% today at a 2-week low against the dollar and is just above last Wednesday's record low of 5.2523 reals/USD. A weaker real encourages export selling b... Read more

Contract Specifications

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Contract
Sugar #11
Contract Size
112,000 pounds (50 long tonnes)
Tick Size
0.01 cents per pound ($11.20 per contract)
Trading Hours
2:30a.m. - 12:00p.m. (Settles 11:55a.m.) CST
Exchange
ICE/US
Point Value
$1,120
Margin/Maintenance
$1,047/952
First Notice Date
05/01/20 (30 days)
Expiration Date
04/30/20 (29 days)

Seasonal Chart

Sugar #11 May '20
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Mar 24, 2020

View Chart Details
Commercials - Long / Short
621,966 (+2,124)
718,571 (-9,796)
Non-Commercials - Long / Short
194,386 (-6,647)
105,709 (-1,374)
Producers - Long / Short
421,369 (+6,355)
622,461 (-15,234)
Swap Dealers - Long / Short
165,879 (-9,053)
61,392 (+616)
Managed Money - Long / Short
94,273 (-14,099)
96,623 (-2,158)
Other Reportables - Long / Short
100,113 (+7,452)
9,086 (+784)
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Price Performance

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Period Period Low Period High Performance
1-Month
10.02 +0.20%
on 04/01/20
14.40 -30.28%
on 03/02/20
-4.10 (-29.00%)
since 02/28/20
3-Month
10.02 +0.20%
on 04/01/20
15.29 -34.34%
on 02/12/20
-3.50 (-25.85%)
since 12/31/19
52-Week
10.02 +0.20%
on 04/01/20
15.29 -34.34%
on 02/12/20
-4.02 (-28.59%)
since 04/01/19

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 96% Sell and ranks in the Top 1% of all short term signal directions.

Long term indicators fully support a continuation of the trend.

The market is in highly oversold territory. Beware of a trend reversal.

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Key Turning Points

2nd Resistance Point 10.56
1st Resistance Point 10.30
Last Price 10.04s
1st Support Level 9.90
2nd Support Level 9.76

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52-Week High 15.29
Fibonacci 61.8% 13.28
Fibonacci 50% 12.66
Fibonacci 38.2% 12.03
Last Price 10.04s
52-Week Low 10.02

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InsideFutures Commentary

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