White Sugar #5 Dec '18 (SWZ18)
White Sugar #5 Futures Market News and Commentary
October NY world sugar #11 (SBV26) on Monday closed down -0.13 (-0.87%), and Aug London ICE white sugar #5 (SWQ26) closed down -4.00 (-0.86%).
Sugar prices moved lower on Monday for a second session and posted 2-week lows. An improvement in India’s monsoon rains is weighing on sugar prices after India’s Meteorological Department reported today that India’s cumulative monsoon rainfall was 19% below normal as of July 13, a substantial improvement from 42% below normal on June 30.
Sugar prices rebounded from their worst levels on Monday after crude oil prices surged. WTI crude oil (CLQ26) soared by more than +9% on Monday to a 3.5-week high, which benefits ethanol prices and could persuade global sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.
An excessively long position in London ICE sugar by funds can exacerbate any price downturn. Last Friday’s weekly Commitment of Traders (COT) data showed fund... Read more
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Barchart · Mon Jul 13, 1:27PM CDT
October NY world sugar #11 (SBV26 ) on Monday closed down -0.13 (-0.87%), and Aug London ICE white sugar #5 (SWQ26 ) closed down -4.00 (-0.86%). Sugar...
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