Sugar Futures—Sugar futures in the July contract settled sharply lower finishing down 2.53% or 32 points at 12.33 a pound looking to break out of an 8 week tight channel formation. If you take a look at the daily chart the 13.00 level was touched on multiple occasions only to fail as now they are testing the bottom end of the trading range as I will be possibly looking at a short position tomorrow if the 12.25 level is broken on a closing basis.
The entire soft commodity sector remains bearish as they continually grind lower on a weekly basis coupled with the fact that anything grown in the country of Brazil at the current time remains very weak.
Coffee prices are right at a 14 year low while orange juice prices hit a 10 year low today as sugar looks to move lower in my opinion as I’m certainly not recommending any type of bullish position at this time. Sugar prices are trading below their 20 and 100 day moving average as the trend has turned as prices look to test the contract low which was hit on January 3rd at 11.99 in my opinion.
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