Print
MORNING SUGAR REPORT

Wednesday July 29, 2020

WORLD SUGAR #11

World sugar futures have been unable to make new highs for the move this morning and are now trading lower on the day. October is now 10 lower at 11.91, as of 10:20AM EST, trading from 12.10 to 11.90 while March is last seven lower at 12.56. More than 25,000 lots have traded between October and March to this point, surpassing any total the market saw last week. On spread, the October/March has traded from 62 to 65 under and last at 65 points discount. The March/May has traded from 23 to 19 over and last at 20 points premium.

SUGAR #11 OPEN INTEREST:  V0: 380,481 -4,856  H1: 236,672 +108  K1: 99,201 +849 TOTAL: 963,358

SUGAR #11 OPTION WATCH

ATM VOLS: u 12.00 straddle 58-60 vol 26.20 -1.0% v 12.00 straddle 91-95 vol 26.53 -.65% f 12.50 straddle 146-152 vol 23.80 unch h 12.50 straddle 176-180 vol 23.90 -.25% k 12.50 straddle 183-193 vol 22.40 unch

TRADES OF NOTE: PAPER SELLS 765 V 11.50P VS 11.96 @ 27 PAPER BOUGHT 1K V 12.50/13.00 CS @ 12

LONDON #5

In London, October is last $0.20 higher at trading from $362.00 to $366.40 to this point. On spread the October/December is last $0.50 lower at $3.80 premium. The October/October is last $98.50, unchanged on the day. MACRO BYTE Chinese Foreign Minister Wang Yi said Beijing would respond “firmly and rationally” to peremptory U.S. acts and called on other countries to resist what he called America’s bullying, as bilateral relations hit multi-decade lows. The Federal Reserve’s Open Market Committee will be releasing an announcement at 14:00EST. They are expected to keep the benchmark overnight rate in a target range of 0.0% to 0.25%, where it’s been since March 15th. Jerome Powell will hold a press conference at 14:30EST

GLOBAL FUNDAMENTALS Cash-wise: Indonesia imported 884,000 of sugar in June, compared with 565,000mt in May. This brings Jan-Jun imports to 3.48 million metric tonnes, according to local media. Also, officially Indonesia has allowed the imports of 522,000 metric tonnes of raw sugar in the fourth quarter, issuing permits to nine refiners. Total imports for the quarter should total 600,000 metric tonnes., following the import of 933,000 tonnes in Q3.

Mondelez International Inc. said tough lockdowns to fight the coronavirus in emerging markets hurt sales of its cookies and other snacks in the second quarter. Comparable sales for the maker of Oreo cookies, Toblerone chocolate and Ritz crackers rose 11% in North America, but in Latin America, where coronavirus cases have multiplied rapidly, sales by that metric fell 11%. In its Asia, Middle East and Africa division, where some countries have imposed stricter socialdistancing regulations than in North America, comparable sales decreased 3%, the company said Tuesday. Mondelez Chief Executive Dirk Van de Put said the company's emerging-markets business improved in June and July as store closures eased and more consumers were able to access its snacks. "The majority of these markets are on better footing," he said. Mondelez said the surge in snacking in North America has continued while sales in India, China and Southeast Asia have returned to growth, likely leading to stronger revenue in the second half of the year.

GLOBAL CURRENCY UPDATE  USD: 93.635 +0.02%  BRL: 5.1275 -0.81%  INR: 74.848 +0.09%  MXN: 22.061 +1.01%

Best Regards,
Jeff Dobrydney
Senior Vice President
Head of Futures & Options
JSG Commodities
This email address is being protected from spambots. You need JavaScript enabled to view it.
203.853.3000
www.jsgcom.com

This report has been compiled for general informational purposes only. While every effort has been made to ensure accuracy, Jenkins Sugar Group, Inc. assumes no responsibility for errors and omissions

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries