Print
MORNING SUGAR REPORT

Thursday July 30, 2020

WORLD SUGAR #11

World sugar futures have bounced off an early sluggish start and are approaching the highs for the move as soft commodities are stronger on the day. Coffee is now 4.9% higher on the day, up 17% on the month. October sugar is now 15 higher at 12.16, as of 9:50AM EST, trading from 11.89 to 12.19 while March is last 12 higher at 12.78. Fewer than 25,000 lots have traded between October and March to this point. On spread, the October/March has traded from 65 to 61 under and last at 62 points discount. The March/May has traded from 20 to 26 over and last at 25 points premium.

SUGAR #11 OPEN INTEREST:  V0: 380,175 -306  H1: 237,149 +477  K1: 99,652 +451 TOTAL: 964,404 SUGAR #11

OPTION WATCH

ATM VOLS: u 12.00 straddle 55-59 vol 26.25 -.75% v 12.00 straddle 91-95 vol 26.90 unch f 12.50 straddle 146-150 vol 23.70 unch h 12.50 straddle 176-180 vol 24.00 unch k 12.50 straddle 182-190 vol 22.25 unch TRADES OF NOTE: 2K V 12.75 CALLS BOUGHT BETWEEN 22-25 900 V 13.00 CALLS TRADE 14-17

LONDON #5

In London, October is last $3.70 higher at trading from $362.70 to $368.90 to this point. On spread the October/December is last MACRO BYTE The U.S. economy suffered its sharpest downturn since at least the 1940s in the second quarter, highlighting how the pandemic has hurt businesses across the country. Gross domestic product shrank 9.50% in the second quarter from the first, a drop that equals an annualized pace of 32.90%. That is the steepest annualized decline in quarterly records dating back to 1947. President Donald Trump raised the notion of delaying the next U.S. election scheduled for November, suggesting without offering evidence that mail-in voting will be subject to fraud. Trump’s tweet came minutes after the Commerce Department reported the economy shrank at a record 32.90% in the second quarter. $0.20 lower at $4.10 premium. The October/October is last $100.50, unchanged on the day.

GLOBAL FUNDAMENTALS

Cash-wise: According to Williams SA the Brazilian vessel line-up of raw sugar waiting to load is now 2.992 million tonnes of sugar, which is lower on the week but the highest it has been at this time in more than a decade. This compares with 3.216 million tonnes last week and 561,566 tonnes last year. Approximately 275,000 tonnes of sugar shipped on the week. Please see our attached chart. Here are the new named nominations: CANADA 35,980 PARANAGUA PASA CZARNIKOW CANADA 35,000 SANTOS RUMO 19 REDPATH NIGERIA 52,800 SANTOS COPERSUCAR NOM UK TOTAL: 123,780

GLOBAL CURRENCY UPDATE  USD: 93.635 +0.02%  BRL: 5.1747 -0.81%  INR: 74.850 +0.09%  MXN: 22.129 -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