However, tomorrow,we will have Unica (Brazil) releasing (1:00 New York time) the results of the center-south harvest through 2nd-half June, and given the continued dry weather there, we fully anticipate solid results once again in terms of cane crushed, ATR (yield) and sugar production.
And while those kind of results, if realized, would look to have a negative impact on market sentiment… and price, we can already anticipate the bulls’ response to the numbers, the so-called “robbing Peter to pay Paul” argument, that good results now will be seen and felt in diminished results at the tail of the crop, when yields will be impacted and lack of material will result in a “sudden death” to the harvest! Although written about a topic (the American Revolution) just “slightly” weightier than sugar
trading, we quote Thomas Paine, “These are the times that try men’s souls.”