Daily Market Price Update and Commentary 11th August 2022

No.11 market opened with Oct’22 at 18.28. Right after, prices dropped slightly until the market reached the daily low of 18.18 around 11:50am. During the next hour, the market rose with high-volume buying movement followed by a small correction that was soon reversed into another bullish move, when hit today’s high of 18.50 cents. From that moment until 16h00, the market slipped 15 points reaching 18.35. At this level, buying force restarted and the market ascended in the last two trading hours reaching again the day high of 18.50. The settlement price was 18.49, one point below the high and a +.21 change from the previous settlement (+1.15% change). Oct 22 registered 52k lots of volume and the V22/H23 spread closed at -0.02.

Today white sugar market opened with some overnight gains, Oct’22 was at 552.50. During the morning, the market printed a small downward movement reaching the minimum price of the day at 548.00. As volume increased in the early afternoon, a slight bullish move was seen together with a high-volume movement from buyers, it supported the market and prices climbed from 554.1 to 558.7. Moments later, the market slowly dropped until 3:40 pm, the price dropped from 557.8 to 553.6. In the last trading hours, the market gradually recovered, however pressure from sellers drove Oct/22 to close at 554.6, the White premium at 147.18, and the Out/Dec’22 spread at 27.2.