Looking at the fundamentals in the sugar world, according to Williams SA the Brazilian vessel line-up now totals 1.210 million tonnes of sugar, which is roughly 200k lower on the week and more than 500k below this time last year and therefore still seems to suggest a lack of demand, even at current prices that are below the cost of production in most major origins.. In India, the World Trade Organization has ruled that the Indian export subsidy directly or indirectly benefits exporters, and not just mills and farmers as India had claimed previously, according to the Business Standard. In Brazil, the nearby weather forecast remains dry, but continuous to show a small amount of rain concentrated in the south of CS for the end of August. Interestingly enough, the rumour in the market is that a lot of Brazilian producers still have to price a decent amount of their sugars against the October’14 contract, which might bring some additional pressure to the market and/or absorb some of the speculative short-covering. An update on the speculative and commercial positions will be released by the CFTC tonight in their latest Commitment-of-Traders report.