Sugar down 31 cents reaching $25.6, for its 4th straight negative day

ICE Sugar is down to $25.6 per pound, after ending yesterday at $25.91. Overall, a 1.2% loss or 31 cents today.

On the flip side, highly important Initial Jobless Claims data from United States beat analyst expectations of 254,000 with a reading of 242,000.

While price action maintains a negative bias, United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3.

Bollinger Bands® shows an indication of recovery: the lower band is at $25.03, 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 —which is currently on a downtrend— might reverse course and start pointing upward in the short term.

Furthermore, United States Fed Chair Powell speech is scheduled today at 15:00 UTC.

Approximately 9 days ago, the Sugar future reached a significant high of $26.64 but has struggled to hold onto its gains and declined 2.74% since then.