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The market improved yesterday, at one point, just nine points off the multi-year highs reached last week before slipping a little by the close. The market had opened 3 points better and at the highs of the previous session. This turned out to be virtually the low of the day as the market slowly improved through the morning culminating in gains of 25 points by mid-day. However, with the BRL opening weaker some selling appeared which took prices back to their opening levels by mid-afternoon. However, fresh buying soon had prices improving and the day’s highs were hit some 90 minutes before the close. News that Brazil’s Petrobras had announced a 3% increase in gasoline prices was the main driver to this move. As mentioned prices slipped back some 14 points by the close on some speculative long liquidation. The whole of the board was pulled higher by renewed strength in the HK which improved to +57 (up 16) at one point before settling 9 up at +50. The KN also improved ending 4 better at +20. In London the KQ was firmer at +7.60 while the QV was also a little firmer at +7.50. The positive performance of the previous day was probably the main catalyst for yesterday’s improvement although the underlying positive fundamental picture is also keeping sentiment positive.
The Thai harvest continues with little evidence of any catch up with last season’s record sugar production. As of the 17th February the total cane crush had hit 69.32 million tonnes down 17.25% on the same time the previous season. White sugar production had hit 1.68 million tonnes down 6.45% while raw sugar production is running some 19.2% behind last season at 5.65 million tonnes.
Mexican sugar production is also running behind last season. As of the 15th February total cane crush had hit 20.85 million tonnes some 17.5 % down on last season. Sugar production hit 2.05 million tonnes down 23% on last season. Vane yields are 10% lower while sugar yields are virtually the same.
Contact the ADMISI Sugar Desk team:
Howard Jenkins, Charles Branch, Kevin Watkins, Steven Trigg
Phone: +44(0) 207 716 8598
Registered in England No. 2547805 a subsidiary of Archer Daniels Midland Company. Risk Warning: Investments in Equities, CFDs, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value, investors should therefore be aware that they may not realise the initial amount invested, and indeed may incur additional liabilities. These Investments may entail above average financial risk of loss, and investors should therefore carefully consider whether their financial circumstances and investment experience permit them to invest and, if necessary, seek the advice of an independent Financial Advisor. Some services described are not available to certain customers due to regulatory constraints either in the United Kingdom or elsewhere.
+44 20 7716 8000
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ADMISI is a wholly owned subsidiary of Archer Daniels Midland (UK) Limited and indirectly is a wholly owned subsidiary of the Archer Daniels Midland Company (ADM).
ADM Investor Services International Limited is authorised and regulated by the Financial Conduct Authority and a member of the London Stock Exchange.