Trade Open: Sugar
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Assessing the USDA World Agricultural Supply and Demand Estimates on Sugar, its supply and stock-to-use ratio, the United States has raised sugar supply by 190,000 Short Tons Raw Value (STRV) in Jan’24 increasing its forecast on a record-high sugar production of 14.54million. There has also been a reduction in Mexico’s production, however, the US has in…
A quick update as the Sugar Cash market heads towards closure, I will be closing my position here at the initial desired target levels of 20.980; the market is currently trading at 21.032, 84 points higher than the target level.
Today is quite a large range day, we might expand lower tomorrow, but locking in some of the profits at this level.