In my Q4 soft commodities report on Barchart, I highlighted world sugar #11 futures’ 6.14% rise in 2022, and 11.03% rally in Q1 2023, closing at the 22.25 cents per pound level on March 31. As the report came out on April 17, I wrote, “At 24.28 cents per pound on April 17, nearby sugar futures are challenging a multi-year high.” I pointed out that nearby sugar futures eclipsed the first technical resistance hurdle at the November 2016 23.90 cents high.
The sugar futures made a higher high in April and remained near the 26 cents per pound level on May 24.
