Sugar Higher Breaks 3 Day Losing Streak

Sugar Higher Breaks 3 Day Losing Streak
Sugar Higher Breaks 3 Day Losing Streak

Sugar Futures–-Sugar futures in the March contract is trading higher by 26 points at 14.75 a pound breaking a 3-day losing streak still continuing its bullish momentum despite the fact that prices have stalled out over the last month.

I have been recommending a bullish position from around the 14.65 level and if you took that trade continue to place the stop loss at 13.98 as an exit strategy. For the bullish momentum prices have to break the 15 level as the volatility also has kind of stalled out over the last couple of weeks as I still remain bullish as I think the agricultural sectors in 2021 will experience tremendous trends to the upside as demand will come back due to the fact that we have come up with a Coronavirus vaccine. Fundamentally speakings some bearish data was releasedWednesday from Unica showed that Brazil’s Center-South sugar production in the second half of October rose +14.4 y/y to 1.7373 MMT, with the percentage of cane used for sugar climbing to 43.63% in 2020/21 from 32.02% in 2019/20.

Sugar prices were already on the defensive after Monday’s data from India’s National Federation of Cooperative Sugar Factories showed that Indian sugar output as of Nov 5 was up +32.8% y/y at 425,000 MT. Prices are still trading above their 20 and 100 day moving average as the trend remains to the upside so stay long as the risk / reward remains in your favor. 







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