With the dollar index near its recent one-year lows and crude oil only now slipping from five-month highs, world and domestic sugar futures continued to see accelerated price growth through April. The trade seems focused on the possibility of a tighter market on lower exportable supply from major origins, with the specter of a widespread economic slump, the only potential significant medium-term bearish factor ahead. Crop estimates were trimmed for key regional origins India and Thailand, with reports suggesting the former will see a quick end to crush campaigns in key states.
Jul-23 #11 world raw sugar found a new 11-year high with Thursday, Apr. 20 settle at 24.74 cents, breaking resistance around 24.00 cents, before closing Friday, Apr. 21 at 24.34.
Aug-23 #5 world white sugar also moved higher, settling higher at $695.70 Thursday, Apr. 20—the highest in 12-plus years—before closing the week at $676.40. RSI is bearish at 78.6 percent.
In lockstep with world sugar futures, nearby Jul-23 #16 domestic raw broke resistance near 24.00 cents and settled Apr. 20 and Apr. 21 at 43.50. The Sep-23 contract settled at 42.90.
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