Sugar Futures—Sugar futures in the July contract is up 5 points at 12.26 rallying slightly on concerns that heavy rains have slowed the Brazilian harvest as I have been recommending a bearish position from this level and if you took the trade continue to place the stop loss above 13.05 as an exit strategy.
Commodity markets in general continue to head lower as crude oil is down about $2.50 today as I think that will start to have a negative impact on sugar prices.
If you take a look at the daily chart the down trend line remains intact as prices are still trading under their 20 and 100 day moving average looking to retest the January 3rd contract low of 11.99 possibly tomorrow & if that is broken look for further price declines.
At the present time I’m also recommending a short position in cotton as the entire soft commodity sector remains in bearish trends as oversupply and weak demand continues.
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