Benchmark Oct-23 #11 world raw sugar traded sideways in May and June from about 24.00 to 26.30 cents. The contract tested its upper Bollinger Band earlier in the week of Jun. 19 before sliding in the last three sessions to settle Jun. 23 at 24.29, straddling retracement support at a two-week-plus low. The Mar-24 contract closed Jun. 23 at an 11-session low of 24.29. For both contracts, the stochastic saw a bearish crossover, followed by MACD; RSI was neutral.
On Jun. 21, the dollar index fell to a six-week low before rebounding modestly Jun. 22 and Jun. 23, remaining below its mid-May to mid-June range. Crude light remains rangebound from about $67 to $75.
Aug-23 #5 world white sugar followed the #11 market downward at the end of the week of Jun. 19, breaking below the 20-day average Jun. 22 and settling Jun. 23 below the lower Bollinger Band at $657.30, its lowest close since early April. RSI is neutral, and MACD and the stochastic saw bearish crossovers.
Nov-23 #16 domestic raw sugar closed at 41.75 cents Jun. 23 after closing midweek at one-month highs of 41.99—respecting psychological support around 42.00, presumably. Technicals are mostly neutral, though the stochastic is near an overbought signal.
The full version of this commentary appeared on our IQ platform Jun. 23, 2023. Further information, statistics, and pricing for the sugar market are available to IQ subscribers. Learn more about becoming a subscriber.
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