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Barchart
Barchart
Rich Asplund

Dollar Strength Weighs on Sugar Prices

India London Brazil Thailand the Indian Sugar and Bioenergy Manufacturers Association USDA

March NY world sugar #11 (SBH25) today is down -0.21 (-0.98%), and December London ICE white sugar #5 (SWZ24) is down -7.90 (-1.45%).

Sugar prices today added to this week's losses and dropped to 1-3/4 month lows.  Today's rally in the dollar index (DXY00) to a 6-3/4 month high is undercutting sugar prices.  Also, an excessively long position by funds in London sugar may fuel long liquidation and exacerbate any price downturn.  Last Friday's weekly Commitment of Traders (COT) report showed funds boosted their net-long London sugar positions by 1,457 in the week to November 5 to 44,261 net-long positions, the most since data began in 2011.

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