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Barchart
Barchart
Rich Asplund

Short Covering in Sugar Continues as the Brazilian Real Rallies

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March NY world sugar #11 (SBH25) today is up +0.34 (+1.82%), and March London ICE white sugar #5 (SWH25) is up +11.70 (+2.40%).

Sugar prices today rallied sharply for a third day and posted 1-1/2 week highs.  Over the past three sessions, strength in the Brazilian real (^USDBRL) has prompted fund short covering in sugar futures.  The real climbed to a 6-week high today, discouraging export selling from Brazil's sugar producers.

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