REPORTS

Chatting around the market it seems the medium to long term sentiment continues to be more of a concern for lower levels. There seems little concern for supply other than perhaps some short term affecting events (the sugar bulls will point to some recent Brazil campaigns when weather/rain/soybeans/port fires/strikes/etc. have hampered the beginning of the season and so lifted the then front month spreads from decent discounts to huge premiums (we are trading -18 pts and yesterday we spent virtually the whole session, except the close when it softened by one point, in a -18/-16 range.