• Last week raw sugar confounded stubborn bears, up sharply after recent lethargy
• Oct 26 rose 1.79 c/lb, Mar up 1.80, Oct/Mar down 1 pt to -88, Mar/May up 12 pts
• No single factor seems responsible, we list a whole set of fundamentals/techs
• CS Brazil producer pricing seems less, mills still focused on ethanol
• Ethanol remuneration sharply [...]
• Last week raw sugar confounded stubborn bears, up sharply after recent lethargy
• Oct 26 rose 1.79 c/lb, Mar up 1.80, Oct/Mar down 1 pt to -88, Mar/May up 12 pts
• No single factor seems responsible, we list a whole set of fundamentals/techs
• CS Brazil producer pricing seems less, mills still focused on ethanol
• Ethanol remuneration sharply lower, but rain, impurities force this focus
• Whites up more sharply than raws, widening Whites Premiums
• COT - specs liquidated shorts, going long, pressure on Trade shorts
• Oil fell sharply (-7.7%), amid still unresolved issues in Middle East
• CS Brazil - we retain our 634 mln mt cane f'cast, raised sugar slightly
• Week Ahead - CS Brazil ethanol, India imports?, Weekly Weather outlook