Sugar price drops by more than 3% this Tuesday in New York following the exchange rate and crop estimate in Brazil, but maintains 20 cents/lb

Sugar futures prices ended this Tuesday's session (27) with a significant drop on the New York Stock Exchange. The market resumed trading after the Christmas festivities following the exchange rate, in addition to Conab's recent crop estimate. The most traded month of raw sugar on the New York Stock Exchange fell 3.15% on the day, quoted at 20.32 cents/lb, with a high of 20.99 cents/lb and a low of 20.23 cents/lb. The London terminal will still remain closed on Tuesday. After reaching the highest level since February 2017 last Friday in New York, the sugar market resumed business this Tuesday at a low. The pressure followed technical adjustments, but also currency exchange and market fundamentals information. "Traders cited a technical correction in the sugar market after a large increase in speculators' long positions recently," Reuters news agency reported. Despite remaining around 20 cents/lb this Tuesday, prices also negatively followed the appreciation of the dollar against ...