| 
June 15, 2023
Sugar trades at $25.4 per pound, after ending yesterday at $25.37.
United States Initial Jobless Claims is next.
The Sugar future's state is reflected by market data as United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was 5.25. Highly important Crude Oil Inventories data from United States beat analyst expectations of 1.48 million with a reading of 7.92 million. United States Producer Price Index published yesterday at 12:30 UTC came out at -0.3%, falling short of the -0.1% projections and continuing its decline from the previous 0.2% figure.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions.
Despite muted price action in ICE Sugar, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Softs as Cotton is down $1.24 from the beginning of the session and now trades around $82. Cocoa goes up 1% to trade around $3,234.
Moreover, United States Retail Sales expected to decline to -0.1% while its preceding data was 0.4%, data will be available today at 12:30 UTC. United States Core Retail Sales projected to decline to 0.1% while previous data was 0.4%; data will be released today at 12:30 UTC. United States Philadelphia Fed Manufacturing Index (Jun) scheduled to come out today at 12:30 UTC.
The past 3 months have been positive for the Sugar future as it added 21.39% compared to its 3-month low of $17.4.
