Sugar Prices Lower In Quiet Trade

Sugar Prices Lower In Quiet Trade
Sugar Prices Lower In Quiet Trade

Sugar Futures—Sugar futures in the March contract is trading slightly lower this Monday afternoon in New York down 10 points at 14.81 a pound selling off despite the fact that crude oil prices are up nearly $4 a barrel on the news that there is a vaccine for the Coronavirus. 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 under the 10-day low on a closing basis only at 13.98 as the exit strategy.

Fundamentally speaking last Friday’s weekly Commitment of Traders (COT) report showed that funds increased their net-long NY sugar positions by +10,604 contracts the week ended Oct 27 to a 4-year high of 262,579 contracts, the second-highest ever. Maxar recently said that Brazil’s sugar-growing regions had received only 5%-25% of average rain in the past few months, leaving crops “extremely dry.” Also, a La Nina weather pattern could lead to prolonged excessive dryness in Brazil that cuts sugarcane yields.

Sugar prices are still trading above their 20 &100 day moving average as the trend remains to the upside as I still believe the risk / reward is in your favor so stay long. 






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