Sugar Prices Remain Choppy To Lower

20 Oct in Blog, coffee futures, commodity trading, cotton futures, futures trading, Mike Seery, orange juice futures, seeryfutures, sugar futures

Sugar Futures--- Sugar futures in the March contract settled last Friday in New York at 14.41 a pound while currently trading at 14.00 down about 41 points for the trading week continuing its sideways to choppy trend just like every other commodity sector at this time as there is very little interest in sugar currently.

Sugar prices have gone nowhere for 7 months & are still trading under their 20 and 100 day moving average as the chart structure has turned excellent as a trend will develop soon in my opinion as prices look to retest the September 27th low of 13.72 in the coming days ahead.

The main problem with sugar is a fact of large production throughout the globe putting pressure on prices here in the short term as demand is weak as the U.S dollar continues to go sideways lending very little support to prices, but there is very little news to push prices up at the current time as I'm advising clients to avoid this market.

The entire soft markets except for cocoa continue to drift lower as my only recommendation is cocoa which does continue to grind higher due to the holiday season as that could also impact sugar prices as well, however at the present time volatility has come to a crawl so keep an eye on this market for a possible bullish situation in the coming weeks ahead.TREND: LOWER–CHART STRUCTURE: EXCELLENT

 

 

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