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Sugar #11 Jul '20 (SBN20)

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Sugar #11 Futures Market News and Commentary

Sugar Prices Settle Higher as a Weak Dollar Sparks Short-Covering

May NY world sugar #11 (SBK20) on Thursday closed up +0.06 (+0.58%), and May London white sugar #5 (SWK20) closed up +9.10 (+2.68%).

Sugar prices on Thursday settled higher with London sugar at a 1-week high. A decline in the dollar index on Thursday to a 1-week low sparked short-covering in sugar futures. NY sugar is consolidating just above last Wednesday's 1-1/2 year low and London sugar above Tuesday's a 4-1/2 month low.

Sugar prices continue to be undercut by concern about weaker sugar demand due to the coronavirus pandemic. Researcher Czarnikow on Mar 24 cut its global sugar consumption estimate for this year by -2.0 MMT, citing a collapse in out-of-home food and drink consumption due to the closure of restaurants because of the coronavirus pandemic. Also, Commerzbank on Thursday cut its NY sugar price estimate for Q4-2020 to 12 cents/lb from a Feb estimate of 15 cents/lb, citing the plunge in crude oil prices and the sell-off in the Brazilian real to a record lo... 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
07/01/20 (82 days)
Expiration Date
06/30/20 (81 days)

Seasonal Chart

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

Commitment of Traders Positions as of Mar 31, 2020

View Chart Details
Commercials - Long / Short
628,561 (+6,595)
723,098 (+4,527)
Non-Commercials - Long / Short
193,490 (-896)
112,969 (+7,260)
Producers - Long / Short
426,605 (+5,236)
609,558 (-12,903)
Swap Dealers - Long / Short
165,063 (-816)
76,647 (+15,255)
Managed Money - Long / Short
92,139 (-2,134)
102,819 (+6,196)
Other Reportables - Long / Short
101,351 (+1,238)
10,150 (+1,064)
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Price Performance

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Period Period Low Period High Performance
1-Month
10.05 +4.38%
on 04/01/20
12.91 -18.75%
on 03/10/20
-2.09 (-16.61%)
since 03/09/20
3-Month
10.05 +4.38%
on 04/01/20
15.09 -30.48%
on 02/12/20
-3.33 (-24.10%)
since 01/09/20
52-Week
10.05 +4.38%
on 04/01/20
15.09 -30.48%
on 02/12/20
-3.77 (-26.44%)
since 04/09/19

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Sugar Prices Settle Higher as a Weak Dollar Sparks Short-Covering

May NY world sugar #11 (SBK20) on Thursday closed up +0.06 (+0.58%), and May London white sugar #5 (SWK20) closed up +9.10 (+2.68%). Sugar prices on Thursday settled higher with London sugar at a 1-week...

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Sugar Prices Mixed With London Sugar at a 1-Week High on Short-Covering

May NY world sugar #11 (SBK20) this morning is down -0.02 (-0.19%), and May London white sugar #5 (SWK20) is up +4.00 (+1.18%). Sugar prices this morning are mixed with London sugar at a 1-week high. A...

Cocoa Prices Slump on Concern the Coronavirus Pandemic will Hurt Chocolate Sales

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 80% Sell with a Weakening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 10.80
1st Resistance Point 10.64
Last Price 10.49s
1st Support Level 10.33
2nd Support Level 10.18

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52-Week High 15.09
Fibonacci 61.8% 13.16
Fibonacci 50% 12.57
Fibonacci 38.2% 11.98
Last Price 10.49s
52-Week Low 10.05

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InsideFutures Commentary

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