#11 sugar futures continued to rise in early April
Following March’s sideways trading below 21.50 cents, nearby May-23 #11 world raw sugar settled at a fresh high of 23.61 in early April. Support formed near 23.15, 22.85, 22.65, 22.40, and 22.00.
Most-active Jul-23 #11 broke past resistance around 21.00 and 21.50 cents, rallying to settle on Apr. 7 at 23.18. Support formed around 22.15, 22.00 and 21.50, resistance near 23.50.
Two-month lows for the dollar and a rally in oil prices have helped buoy commodities, with sugar receiving an extra boost as more cane crush could be swung to ethanol in Brazil and India. These two traditional cane strongholds could see limited switch of cane area to corn as investment grows in grain milling ethanol capacity.
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