Sugar Futures Higher 2nd Day In A Row On Crop Concerns
Sugar Futures--- Sugar futures in New York today are higher for the 2nd consecutive trading session rallying more than 25 points to currently trade at 22.51 hitting a fresh 10 week high on crop concerns down in Brazil receiving too much rain also with the fact that corn prices have shot sharply higher in the last couple weeks which is supportive for sugar futures because they are both used as a bio diesel. Sugar futures have rallied about 15% from contract lows just about a month ago now regaining bullish momentum looking at possibly even breaking contract highs at 24.50 which happened about five months ago on the daily charts and in my opinion will continue to climb higher in the next couple of months riding the coattails of the corn market. Sugar can be a very trendy commodity and at this point the trend is your friend in sugar so I recommend long positions, however make sure you do have a stop loss possibly below contract lows in case you are wrong limiting your losses to 1% or 2% of your account balance on any given trade. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
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