
Sugar Futures—Sugar futures in the May contract finished slightly lower this Wednesday afternoon in New York down 2 points at 15.14 a pound as prices are hovering right near a 2 week high.
In my opinion I believe the Coronavirus will be reduced significantly in Europe and therefore demand will come back to these commodities eventually its just a matter of when as the United States is performing excellent at the current time. Sugar is still trading right at its 100 day moving average but slightly below its 20-day as the trend is mixed to lower so look to be a buyer on any price weakness as I do not believe the 17.50 level will be the high in this commodity come 2021.
At the present time I also have bullish recommendations in coffee, orange juice and cotton as I think the whole sector remains cheap. The chart structure at the current time is starting to improve on a daily basis as we are trading at major support on the monthly chart as I see no reason to be short.
TREND: MIXED–LOWER
CHART STRUCTURE: IMPROVING
VOLATILITY: AVERAGE
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
TWITTER—@seeryfutures
Email: mseery@seeryfutures.com
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