Sugar Futures Rise as French/EU Output Stalls

There is an outlook from the European Commission that sees EU sugar production falling by more than 5% next season – France’s alone being the majority of the sugar decline by just over 3%.  France is the dominate sugar producer in all of Europe.

The EU commission says that their sugar growers will produce 1M tones less for the 2012-2013 season which begins in October, than they had produced for the 2011-2012 sugar growing season.  Again, France’s overseas territories predict a 280,000 ton sugar yield from 417,000 tones just a year earlier.

The strong close for the month June in sugar (futures) may indicate that this market is trying to find a bottom with the focus turning more toward supply,” stated Kevin Craney, a senior commodities broker for RJO Futures in Chicago, regarding the current sugar futures situation.

The trend for sugar futures is technically UP – barely.  I am looking for the next pull-back with sugar futures before re-entering long.

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