REPORTS

The latest lineup from Williams was released yesterday, showing that the amount of raw sugar waiting to be loaded in Brazil currently is 950,381 mt, which is the highest level for this time of the year, in more than 5 years. It’s more than double last  year’s 426,560 mt, but  slightly lower than last week’s 1.018mio. The new nominations include the destinations Algeria, Iraq, Egypt, Bangladesh and Saudi Arabia.

Technically, the charts still look weak, despite today’s  gain. 16 cents is the obvious support, as today tested 16.08 c/lb and yesterday tested 16.05 c/lb, but failed to break the 16 cents mark. Below that is the 15.50 c/lb level the market is talking about, which is around the ethanol parity that can be the floor to this free falling market. For resistance, we can consider 17 cents, which was also tested yesterday, but K17 was able to trade as high as 16.95 c/lb only. Thee recent high at 18.17 c/lb is also a level to keep in mind. All the technical indicators are still pointing to a weak market, and we need consecutive positive sessions in order to reverse to current pattern.