After five days of going down, the ICE Sugar future is stable today, trading around $24.42

The ICE Sugar future trades at $24.42 per pound, after ending yesterday at $24.4.

United States EIA Short-Term Energy Outlook is next.

This uncertain state for Sugar is reflected by published market data as United States ISM Non-Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1. Factory Orders in United States fell short of market expectations (1.1%) with a reading of 0.4%, continuing the decline from the previous figure of 0.6%.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that the Sugar future's upper Bollinger Band® is at $26.85 and the lower is $24.21.

All in all, the technical analysis suggests Sugar has no clear-cut direction.

Meanwhile, mixed performances are seen in other Softs as Cocoa is up 1.12%. Coffee ascends 1.03% to trade around $182.05.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories expected to decline to 1.15 million while its preceding data was 4.49 million, data will be available tomorrow at 14:30 UTC. United States EIA Short-Term Energy Outlook is expected today at 16:00 UTC.

The Sugar future has fallen back around 8.41% from the significant high of $26.64 set 27 days ago.