After six days of persistent declines, the Sugar future stabilises around $24.26

ICE Sugar trades at $24.26 per pound, after ending yesterday at $24.29.

United States's Crude Oil Inventories new data released of -451,000 below its previous figure.

Uncertainty around the Sugar future is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of 1 million with a reading of -451,000. United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released today at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.

Trend-focused traders would be interested to note 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. According to asset volatility analysis, the Sugar future's upper Bollinger Band® is at $26.84 and the lower is $24.03.

Overall, technical indicators suggest Sugar has no obvious direction for the immediate future.

Meanwhile, mixed performances are seen in other Softs as Cocoa added 1.41% to its value, now trading at $3,090. Coffee is up 1.42%. Cotton is trading around $84.32 (down $1.02).

Moreover, United States Initial Jobless Claims projected to decline to 235,000 while previous data was 232,000; data will be released tomorrow at 12:30 UTC.

Sugar has fallen back around 8.82% from the significant high of $26.64 set 28 days ago.