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Sugar #11 (NYBOT)

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wayneL

wayneL

VIVA LA LIBERTAD, CARAJO!
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Sugar may have touched the bottom of the pool... a huge up day off an oscillator divergence and improving fundamentals + fund buying. Todays move represents ~5% and I wish I was here to brag about being on it.

Alas, no. Still some work to do before calling a change of trend,
but certainly on the radar for longs now.

53ihnrk.png

Dow Jone NYBOT Sugar review for Monday 18 June
 
Hi wayneL

Looking at the bigger picture (major chart),Yes the radar is on at the moment as sugar has been bearish for over 18 months now. Nearly a 75% retracement from lows of 1999.
CSR fans(investors) are probably starting to get a bit fidgity as well as the stock has been inept for about the 18 month period as well.

Cheers
SGB
 

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Just for fun, here a look further back. Check out that spike ~1980

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Just for fun, here a look further back. Check out that spike ~1980
Click to expand...

I think most of the cane cockies Ford LTD's and Holden Statesman's date back to that time.... Not been a lot of joy in the paddocks since...
 
Seaking said:
I think most of the cane cockies Ford LTD's and Holden Statesman's date back to that time.... Not been a lot of joy in the paddocks since...
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They must have been out getting prices on Beamers at the end of last year; but for the crap trade-in on the Statesman they might have been driving around in them now.... or perhaps the bailliffs would have repossessed them already.:eek:

:D :D
 
Baliiff is probably a good call.. That last spike only managed to get a lot of them somewhat closer to being out of the s**t from the years before.. But not all the way out..
 
Sugar Oct 07 contract had broke the 9.80 resistance today, went to a high of 10.20. Looks like start of an uptrend.
 
BREND said:
Sugar Oct 07 contract had broke the 9.80 resistance today, went to a high of 10.20. Looks like start of an uptrend.
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Yeah looks promising. Lets hope it doesn't go sideways for a month again.
 
wayneL said:
Yeah looks promising. Lets hope it doesn't go sideways for a month again.
Click to expand...

I bought 2 lots of sugar futures today, will buy more if the price cools down.

Sugar rose in New York to its highest price since March on signs that processors in Brazil, the world's largest grower, are churning out more ethanol and less sweetener.

Mills in the center-south region, where 85 percent of Brazil's sugar cane is grown, cut sweetener output by 8.7 percent from last year to 7.34 million metric tons, the CenterSouth Sugar and Ethanol Industry Association, known as Unica, said yesterday in a statement. Ethanol output rose 11 percent to5.56 billion liters (1.5 billion gallons), the group said.

``There are those who perceive the Unica numbers asconstructive and that's why the market is up,'' said Jeff Bauml, managing director of BNP Paribas Commodity Futures Inc. in NewYork. Sugar for October delivery rose 0.34 cent, or 3.5 percent,to 10.04 cents a pound at 10:49 a.m. on the New York Board ofTrade. Prices earlier reached 10.22 cents, the highest for a most-active contract since March 28. Sugar has jumped 18 percent from a 23-month low of 8.52 cents on June 5.

Prices still are 38 percent lower than a year ago because of concern that Brazil will boost production. Sugar-cane output in Brazil will rise to a record 528 million metric tons in the current harvest, up from 474.8 million tons last year, the Agriculture Ministry said May 31.

Unica said mills had processed 131.3 million tons of cane this year through July 1, up 4.4 percent from a year earlier. That amount equals about one-third of this year's crop, Unica said.
 
A bit of a disappointing close really.
 

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BREND said:
I bought cotton too. Take a look at the chart, steady and strong uptrend, the trend is your friend, follow it.
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Brend looks like u never lose you must be making your clients millions mate!

Damn I think I should give you all my cash and retire on your recommendations.
 
professor_frink said:
I hope this call on the nikkei is a little more timely than your call on corn:)
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Agree, should go long on Nikkei anytime, trend is still up, breaking out of 18,300 resistance soon. But did I give a call on corn?

I'm watching corn now, not convinced that it is turning from downtrend to uptrend. Will consider shorting corn if the short term uptrend proves to be weak, or else I'll do nothing on this commodity.
 
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