REPORTS

There seems little to get the sugar bulls aroused and looking for a contrarian play. India and Thailand have only added weight to the descending price action anticipating the Brazil season which seems less and less likely to have an ethanol “story” for the sugar bulls. The almost incredible situation of ex-President Lula’s incarceration in a prison he built will have helped to lock in the bearish resolve of the heavily short spec community as news flows seem to go from bad to worse.