The ICE Sugar future is down 33 cents (1.28%), trading around $25.48 per pound

ICE Sugar is down to $25.48 per pound, after ending yesterday at $25.81. Overall, a 1.28% loss or 33 cents today.

GDP data from United States will be released today at 12:30 UTC with analysts expecting a decline to 1.1. Potentially significant price fluctuations in the Sugar future are expected to follow.

Following a previous reading of 5 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the -920,000 figure expected by analysts with an actual reading of -12.46 million.

Amid the market gloom, United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.749, while the previous figure was 3.5. United States Cushing Crude Oil Inventories came out at 1.76 million, while a consensus of analysts was expecting 804,000.

Bollinger Bands® shows an indication of recovery: the lower band is at $25.05, a low enough level to, generally, suggest that Sugar is trading below its fair value.

Technical analysis shows that the ICE Sugar future (currently on a downtrend) might reverse course and start going up in the short term.

Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders expected to decline to 0% while its preceding data was 0.2%, data will be available tomorrow at 12:30 UTC. United States GDP projected to come out at 1.1 — worse than previous data of 2.6; data will be released today at 12:30 UTC.

Moreover, United States Pending Home Sales is projected to outperform its last figure with 0.5%, having previously been at -5.2%. The figure will be published today at 14:00 UTC.

The past 3 months have been positive for the Sugar future as it added 28.92% compared to its 3-month low of $17.4.