USA: Sugar's bearish week in international markets
Sugar
United States
Published May 29, 2023
Original content
Last week was bearish for raw sugar contracts traded on ICE Futures in New York. The biggest losses occurred in long-term contracts, such as the 2025/26 harvest, whose lots lost around US$6.60 per ton, compared to the previous week, according to economist Arnaldo Luiz Corrêa, from Archer Consulting. Contracts for the 23/24 harvest lost US$6 per tonne, while those for the 2024/25 harvest lost US$4.30 per tonne. Also according to Corrêa, "during the week, the market reported the negotiation of an extraordinary lot of almost 20,000 puts (put options) with an exercise price of 22 cents per pound, for maturity October/23. traders, a volume of this magnitude has a great chance of being played by speculative funds that may be anticipating a sugar price correction". "The mills must reflect on the opportunities that the market shows them. Everything seems to be evolving towards a good harvest in the Center-South, with a lot of sugarcane and excellent productivity; India assesses that the ...
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