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The Trend In Sugar Has Changed

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Sugar Futures---Sugar futures in the October contract is trading higher for the 2nd consecutive session up another 26 points or 2.15% at 12.37 a pound after settling last Friday in New York at 11.49 up nearly 90 points for the trading week.

I will be recommending a bullish position if prices close above the June 10th high of 12.40 while then placing the stop-loss under the July 14th low of 11.27 as the risk would be around $1,200 per contract plus slippage and commission. Sugar prices are right near a 5 month high trading above their 20 & 100 day moving average as the trend has turned to the upside.

The U.S dollar has continued its bearish trend this week hitting another contract low today as that is a bullish factor towards the commodity markets and especially the agricultural sectors. The next major level of resistance stands all the way at the 14 area as there is significant room to run in my opinion so keep a close eye on this market as we could be involved on the close as the risk / reward would be in your favor to take a bullish position.

Sugar prices also have underlying support from sugar crop concerns in Thailand, the world's 2nd largest sugar exporter. Czarnikow Group on Sunday said that it projects that Thailand's 2020/21 sugar production could drop more than -10% y/y to an 11-year low of 7.4 MMT, well below USDA estimates of 12.9 MMT, due to the worst drought in four decades.




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About the author

Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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