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SUGAR REPORT | 23.05.2022 | MARKET COMMENTARY | SEBAT GROUP

SUGAR REPORT | 23.05.2022 | MARKET COMMENTARY

LDC_
Much has been written in recent commentary about the increase in positive influences that took place, and may continue to take place. Prices advanced 162 pts in four sessions starting late last week, on some of those updates, such as significant purchases by China, plus the emergence of frost scares and anticipations of a gasoline hike in Brazil. The fact that prices rallied 11% in four sessions and that, thus far, there appears to have been no frost damage, could easily explain what has proven to be acceptable consolidation during the past two sessions. In the meantime, sugar has spent the past two sessions following macro guidance on a smaller scale. When crude was down 300 pts on Thursday, sugar dropped lower. When crude bounced back to slightly higher on the day, sugar did the same. Other commodities reacted similarly. Macro guidance remains prominent during sessions when sugar news or fresh concepts are temporarily lacking.



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