Is it the end of Sugar's rally? After four days of gains, it is down by 0.85% today

Sugar is down to $22.28 per pound, after ending yesterday at $22.47. Overall, a 0.85% loss or 19 cents today.

United States ADP Nonfarm Employment Change (Mar) is next today at 12:15 UTC.

Amid the market gloom, United States JOLTs Job Openings (Feb) came out at 9.93 million, while a consensus of analysts was expecting 10.4 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -4.35 million, while the previous figure was -6 million. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.

The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average.

Overall, looking at the technical analysis landscape, it seems ICE Sugar might start pointing upward in the short term.

In the meantime, negative performances are also seen in other Softs as Cotton is down 64 cents from the beginning of the session and now trades around $80.74.

Positive performances can be seen by looking at other Softs markets as Coffee is up 1.64%. Cocoa is up 0.8%.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC.

Furthermore, United States ADP Nonfarm Employment Change (Mar) is scheduled for today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) is expected today at 14:00 UTC.

The commodity has been trending positively for about a month. The past 3 months have been positive for Sugar as it added 15.05% compared to its 3-month low of $17.4.