• We wrote last week that the increase in No.11 Open Interest might allow specs to move to a record short position in sugar, and this has now happened.
  • Speculators were net short of 189k lots in the raw sugar market as of last Tuesday’s close.
  • Since last Tuesday the No.11 market has fallen back below 11c for the first time since September 2018.

ICE No.11 Futures Speculative Positioning (values as of 3rd September 2019)

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ICE No.11 Futures Commerical Positioning (values as of 3rd September 2019)

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ICE No.11 Futures Open Interest (values as of 3rd September 2019)

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ICE Futures Europe (No.5) Speculative Positioning (values as of 3rd September 2019)

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ICE Futures Europe Open Interest (values as of 3rd September 2019)

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