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Sugar #11 May '20 (SBK20)

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Sugar #11 Futures Market News and Commentary

Sugar Rallies Sharply on Expectations for a Decline in Brazil's July Sugar Processing

October NY world sugar #11 (SBV19) on Tuesday closed sharply higher by +0.42 (+3.63%), and Oct ICE London white sugar #5 (SWV19) closed up +3.20 (+1.02%). Oct NY world sugar early Tuesday edged to a new contract low and a 2-month nearest-futures low due to the dollar rally and the news that Chinese sugar imports in June fell sharply by -49.2% y/y to 140,000 MT. However, sugar prices then rallied sharply on heavy short-covering sparked by Bloomberg's release of an analyst survey showing a consensus for Unica within the next few days to report a decline in sugar cane processing in Brazil's Center-South region in the first half of July by -8.2% y/y to 41.5 MMT from 45.2 MMT a year earlier. Unica reported on July 10 that Brazil's 2019/20 Center-South sugar production fell -8.9% y/y to 8.905 MMT in the marketing year through June. Another bullish factor on Tuesday was Datagro's hike in its 2019-20 (Oct/Sep) sugar deficit estimate to 6.42 MMT from June's estimate of 2.71 MMT due to unfavorable weather that reduced crop sizes in India, the EU, Australia, Pakistan, and Thailand. Datagro reduced its 2018-19 (Oct/Sep) sugar surplus estimate to a nominal 140,000 MT from June's forecast of 1.0 MMT. A potential bullish factor for London sugar is last Friday's weekly Commitment of Traders (COT) data that showed funds increased their net short positions of London white sugar by 4,179 contracts in the week ended July 16 to 33,500 contracts, a record short position in data going back to 2011, which increases the threat of a short-covering rally.

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 (283 days)
Expiration Date
04/30/20 (282 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jul 16, 2019

View Chart Details
Commercials - Long / Short
450,502 (+18,653)
438,631 (-11,233)
Non-Commercials - Long / Short
215,148 (-7,415)
234,302 (+25,272)
Producers - Long / Short
259,025 (+10,333)
395,237 (-10,786)
Swap Dealers - Long / Short
169,788 (+7,584)
21,705 (-1,183)
Managed Money - Long / Short
155,681 (-11,243)
220,907 (+23,655)
Other Reportables - Long / Short
59,467 (+3,828)
13,395 (+1,617)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
12.56 +4.14%
on 07/23/19
13.79 -5.15%
on 06/28/19
-0.45 (-3.33%)
since 06/21/19
3-Month
12.56 +4.14%
on 07/23/19
14.13 -7.43%
on 04/30/19
-1.01 (-7.17%)
since 04/23/19
52-Week
12.30 +6.34%
on 09/27/18
14.75 -11.32%
on 10/24/18
+0.08 (+0.62%)
since 07/23/18

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Sugar Rallies Sharply on Expectations for a Decline in Brazil's July Sugar Processing

October NY world sugar #11 (SBV19) on Tuesday closed sharply higher by +0.42 (+3.63%), and Oct ICE London white sugar #5 (SWV19) closed up +3.20 (+1.02%). Oct NY world sugar early Tuesday edged to a new...

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Softs Report 07/23/19

COTTON General Comments: Cotton was slightly higher after trading sharply higher early in the session. The market could not hold the gains but did [...]

Sugar Prices Fall on Dollar Rally and Sharp Drop in Chinese Sugar Imports

October NY world sugar #11 (SBV19) today is down -0.08 (-0.69%) and Oct ICE London white sugar #5 (SWV19) is down -3.20 (-1.02%). Sugar prices are lower today on the +0.3% rally in the dollar index and...

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 88% Sell with a Weakening short term outlook on maintaining the current direction.

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

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

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Key Turning Points

2nd Resistance Point 13.43
1st Resistance Point 13.25
Last Price 13.08s
1st Support Level 12.73
2nd Support Level 12.39

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52-Week High 14.75
Fibonacci 61.8% 13.81
Fibonacci 50% 13.52
Fibonacci 38.2% 13.24
Last Price 13.08s
52-Week Low 12.30

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InsideFutures Commentary

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