- The No.5 refined sugar market has returned about $330 but oversupply looms on the market.
- Warehousing in Thailand and Central America is filling rapidly as cane crushing finishes.
- This means it’s getting increasingly expensive to store sugar and the sugar trade are seeking exports.
- Despite this negative outlook, the whites market has weakened so severely in recent weeks that some form of consolidation or partial price recovery might be healthy.
- This means the market remains rangebound, trapped by heavy producer selling at the top of the range and opportunistic end user and speculative buying at the bottom of the range.