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12.4.21 12:31_Sugar 11_LONG

Sugar 11 Long. NY Sugar continues to grow, from a weekly high to a two-week high. The fundamentals remain the same. It is a reaction to stronger oil, which after a week during the day reached over the level of $ 60 per barrel and still “strong” Brazilian real. Rising oil prices are conducive to ethanol prices and may encourage Brazilian sugar factories to divert more cane towards ethanol production than sugar production, thus reducing sugar supplies. The market still does not seem to be sufficiently in line with reports that the total precipitation in growing areas is currently only 30% compared to the long-term five-year average.

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