While Sugar in the midst of a 3 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $19.5, the Sugar future is up to $20.65 per pound, which makes for a move of 5.9%/$1.15 today.
United States Fed Chair Powell speech is next today at 17:00 UTC.
At the same time, United States Trade Balance (Dec) came out at -67.4 billion, while a consensus of analysts was expecting -68.5 billion. United States Exports released today at 13:30 UTC with a figure of 250.2 billion, while the previous figure was 252.4 billion. Released today at 13:30 UTC, United States's Imports showed an uptick at 317.6 billion, up from the previous number of 313.4 billion.
This rally in Sugar's price coincides with other Softs as Cotton gained 0.57% and is currently trading at $84.59.
While Sugar is higher so far today, these Softs commodities are underperforming: Cocoa closed at $2,550 (down 1.05%).
Also worthy of note, tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 2.15 million from the preceding figure of 4.14 million.
Furthermore, the market is looking at United States Fed Chair Powell speech scheduled to come out today at 17:00 UTC. United States EIA Short-Term Energy Outlook is expected today at 17:00 UTC.
ICE Sugar has fallen back around 10.39% over the past 7 days, from a notable high of $21.76.