Sugar Futures Lower as Russian Beet-Sugar Harvest Underway

According to Russia’s “Sugar Producer’s Union,” they claimed the country has harvested just over 25% of their sown area as of yesterday.  Sugar futures are down considerably following this news.

As reported from the sugar union’s website, the harvested area covered 310,000 hectares, with the yields coming in at 35.5T per hectare.  The sugar union didn’t provided previous year’s yields for comparison.

The majority of the (sugar futures) trend followers were stopped out of being short sugar (last Friday),” said Christian Moreno, a commodities broker for HighGround Trading Group in Chicago, regarding the current sugar futures situation.  Moreno added, “In my opinion, I would stay short (sugar futures) and get out if we fail to hold below 1950 in March (Sugar futures).”

The trend for sugar futures remains down, and we are short sugar futures as of today.  I am seeing forthcoming lows for sugar futures, but could be late this month – early next – before bottoming out with a medium-term low in my work

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