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February 22, 2023
ICE Sugar is down to $20 per pound, after ending yesterday at $21.33. Overall, a 6.19% loss or $1.33 today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Bollinger Bands® shows an indication of recovery: the lower band is at $19.56, a low enough level to, generally, suggest that Sugar is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems ICE Sugar might start pointing upward in the short term.
Though the Sugar future has been dropping, other Softs have been performing better: Cotton is up 1.04%.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to decline to 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
Approximately 22 days ago, Sugar reached a significant high of $21.76 but has struggled to hold onto its gains and declined 1.98% since then.
