Sugar down to $22.61 today, continues bearish run

In the last 7 days, ICE Sugar has lost a total of 13.17% of its value. More of the same today: the ICE Sugar future is down to $22.61 per pound, after ending yesterday at $23. Overall, a 1.61% loss or 39 cents today.

United States Fed Chair Powell speech is next today at 06:30 UTC.

Crude Oil Inventories in United States fell short of market expectations (-1.76 million) with a reading of -9.60 million, continuing the decline from the previous figure of -3.83 million.

Meanwhile, United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.

Concerning technical analysis and more specifically, trend indicators, 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. Momentum evaluation shows that the Relative Strength Index indicates the ICE Sugar future is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Sugar's lower Bollinger Band® is at $22.65, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, the technical outlook suggests ICE Sugar is likely to remain muted for the immediate future, with no clear-cut direction.

Taking a look at other Softs commodities, negative performances are evident as after ending yesterday's session at $166.95, Coffee lost $5.55 and is trading around $161.4.

Though the Sugar future has been dropping, other Softs have been performing better: having closed the previous session at $3,258, Cocoa is up 2.61% today to currently trade at around $3,343.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States GDP expected to decline to 1.4 while its preceding data was 2.6, data will be available today at 12:30 UTC. United States Initial Jobless Claims projected to come out at 266,000 — worse than previous data of 264,000; data will be released today at 12:30 UTC.

Furthermore, United States Core PCE Price Index (MoM) (May) is expected tomorrow at 12:30 UTC.

The ICE Sugar future is now trading 13.74% below the significant high of $26.64 it set around a month ago.