REPORTS

The market chat and sentiment is favouring the sugar bears in the short, medium and long term. The sugar bulls hoped to have an ally in the “risk” of a problem (both ethanol priorities or/either sugar supply constraints) with the start of our most important campaign from C/S Brazil (with seemingly a growing consensus discounting the significance/impact of these scenarios) and the “overly”/heavily/one sided net spec short position (which is discounted as its clearly well in the money and from recent COT is being well managed).