On the fundamental side, there has been some good rainfall in cane-growing regions of Brazil, which should help the dry cane, but must be carefully balanced with expected stoppages. In India, rainfall has begun to catch up with the monsoon, narrowing the gap between expected and actual precipitation, which could weigh on the market. The other element that should be important to watch moving forward is the macro situation in the markets, as stock markets and some commodities – particularly corn and wheat – are whipped around over tensions in Ukraine and Israel. Also important to keep an eye on the Brazilian real, which tightened significantly today (by 1%) on news that President Dilma’s re-election lead was narrowing.