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Sugar #11 Mar '19 (SBH19)

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Sugar #11 Futures Market News and Commentary

Sugar Prices Climb as Strength in the Brazilian Real Spurs Fund Short-Covering

May NY world sugar #11 (SBK19) on Monday closed up +0.32 (+2.56%) and May ICE London white sugar (SWK19) closed up +6.00 (+1.76). Sugar prices rallied to 2-week highs Monday after a rally in the Brazilian real to a 1-1/2 week high against the dollar spurred some fund short-covering. Strength in the real discourages exports from Brazil’s sugar producers. Commitment of Traders (COT) data shows funds in the week ended March 12 increased their net-short sugar positions to 126,026, a 5-month high. A rally in crude prices to a 4-month high Monday also helped to lift sugar prices since higher crude oil prices benefit ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing to ethanol production than sugar production, thus curbing sugar supplies. In addition, Petrobras raised Brazil's wholesale gasoline prices to 1.8326 reals/liter from 1.8235 reals/liter, which is positive for ethanol prices. Last Tuesday's data from Unica was supportive for sugar prices since it showed Brazil Center-South sugar production in the 2018/19 marketing year through February fell -26.45% y/y to 26.364 MMT, with the percent of sugar cane crushed for sugar production falling to 35.40% from 46.84% last year and the percent of cane crushed for ethanol rising to 64.6% from 53.16% last year. On the bearish side, India's Sugar Mills Association today reported that India sugar production during Oct 1-Mar 15 rose +5.9% y/y to 27.35 MMT.

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
03/01/19
Expiration Date
02/28/19 (expired)

Seasonal Chart

Sugar #11 Mar '19
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Mar 12, 2019

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Commercials - Long / Short
482,696 (+37,846)
423,240 (-17,838)
Non-Commercials - Long / Short
176,302 (+5,240)
242,289 (+48,715)
Producers - Long / Short
271,694 (+39,667)
386,435 (-13,590)
Swap Dealers - Long / Short
196,699 (+1,906)
22,502 (-521)
Managed Money - Long / Short
112,290 (+39)
229,481 (+46,891)
Other Reportables - Long / Short
64,012 (+5,201)
12,808 (+1,824)
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Price Performance

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Period Period Low Period High Performance
1-Month
12.47 +2.08%
on 01/30/19
13.50 -5.70%
on 02/20/19
-0.06 (-0.47%)
since 01/28/19
3-Month
11.69 +8.90%
on 01/03/19
13.50 -5.70%
on 02/20/19
-0.11 (-0.86%)
since 11/28/18
52-Week
10.80 +17.87%
on 09/27/18
14.90 -14.56%
on 03/06/18
-1.83 (-12.57%)
since 02/28/18

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Most Recent Stories

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Sugar Prices Climb as Strength in the Brazilian Real Spurs Fund Short-Covering

May NY world sugar #11 (SBK19) on Monday closed up +0.32 (+2.56%) and May ICE London white sugar (SWK19) closed up +6.00 (+1.76). Sugar prices rallied to 2-week highs Monday after a rally in the Brazilian...

Cotton Market News and Commentary

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Cocoa Prices Move Lower on Robust Ivory Coast Cocoa Production

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Softs Report 03/18/19

COTTON General Comments: Cotton was higher again last week. The daily charts for May futures show that the prices faded from resistance near 7600 [...]

Sugar Prices Climb as a Weak Dollar Spurs Fund Short-Covering

May NY world sugar #11 (SBK19) this morning is up +0.24 (+1.92%) and May ICE London white sugar (SWK19) is up +3.70 (+1.09). Sugar prices rallied to 2-week highs this morning as a weak dollar spurred...

Coffee Market, How Low is Low?

Funds too short? Production lower? Market continues weaker!

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 24% Sell with a Average short term outlook on maintaining the current direction.

Longer term, the trend strength is Weak. Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 13.04
1st Resistance Point 12.89
Last Price 12.73s
1st Support Level 12.61
2nd Support Level 12.48

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52-Week High 14.90
Fibonacci 61.8% 13.33
Fibonacci 50% 12.85
Last Price 12.73s
Fibonacci 38.2% 12.37
52-Week Low 10.80

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