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Sugar #11 Mar '20 (SBH20)

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Sugar #11 Futures Market News and Commentary

Sugar Prices Fall to 1-Month Low on Plunge in Crude Oil and Record Low in Brazilian Real

May NY world sugar #11 (SBK20) on Thursday closed down -0.34 (-2.34%), and May London white sugar #5 (SWK20) closed down -7.10 (-1.75%).

Sugar prices on Thursday dropped to a 1-month low on weakness in crude prices and a plunge in the Brazilian real to a new record low. Crude oil prices tumbled more than 4% Thursday to a 13-3/4 month low. Lower crude prices are negative for ethanol prices and may prompt Brazil's sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies.

The Brazilian real on Thursday fell -0.52% against the dollar and posted a new record low of 4.5002 reals/USD. A weaker real encourages export selling by Brazil's sugar producers.

An extremely large net-long position held by funds makes the sugar futures markets vulnerable to long liquidation pressure. Last Friday's Commitment of Traders (COT) data showed that funds boosted their long NY sugar positions by 96765 contracts in the... 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
03/02/20 (3 days)
Expiration Date
02/28/20 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Feb 18, 2020

View Chart Details
Commercials - Long / Short
583,170 (-6,153)
835,654 (+15,375)
Non-Commercials - Long / Short
315,647 (+9,228)
123,917 (-10,138)
Producers - Long / Short
383,279 (-1,206)
710,181 (+17,717)
Swap Dealers - Long / Short
169,178 (-2,181)
94,760 (+424)
Managed Money - Long / Short
264,856 (+12,131)
98,033 (-3,712)
Other Reportables - Long / Short
50,791 (-2,903)
25,884 (-6,426)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
14.03 +1.92%
on 02/28/20
15.90 -10.06%
on 02/12/20
-0.24 (-1.65%)
since 01/28/20
3-Month
12.73 +12.33%
on 12/02/19
15.90 -10.06%
on 02/12/20
+1.51 (+11.81%)
since 11/27/19
52-Week
11.74 +21.81%
on 09/12/19
15.90 -10.06%
on 02/12/20
+0.11 (+0.78%)
since 02/28/19

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Softs Report 02/27/2020

COTTON General Comments: Cotton was lower in reaction to news of the spread of the Caronavirus and in reaction to the drop for the [...]

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 8% Sell with a Average short term outlook on maintaining the current direction.

The market is approaching oversold territory. Be watchful of a trend reversal.

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Key Turning Points

2nd Resistance Point 15.00
1st Resistance Point 14.70
Last Price 14.30
1st Support Level 14.16
2nd Support Level 13.92

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52-Week High 15.90
Fibonacci 61.8% 14.31
Last Price 14.30
Fibonacci 50% 13.82
Fibonacci 38.2% 13.33
52-Week Low 11.74

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InsideFutures Commentary

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