REPORTS

One leading market analyst noted that the whites market is often the "canary in the coalmine" and the recent activity in the premium and whites H/K coupled with the cash market for whites at strong premiums highlights that perceptions of an "Indian deluge"/surplus stocks/abundance/" Indian cap" of low-quality whites is not as foreboding a "story" for the sugar bulls as perhaps it was this time last year.

The COT on Friday may well make the market "quite interesting" on Tuesday morning (note NY is closed on Monday) especially if the net spec is reported way lower than the consensus guestimate or around +100k net. The funds appear to be firmly in buy mode, and they have the potential to buy more than we have previously seen them scoop up.