Sugar is down to $20.45 per pound, after ending yesterday at $20.57. Overall, a 0.58% loss or 12 cents today.
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 195,000. Potentially significant price fluctuations in ICE Sugar are expected to follow.
On the flip side, data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million.
Amid the market gloom, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.
Though ICE Sugar has been dropping, other Softs have been performing better: Cotton is up 1.63%. Cocoa is up 0.5%. Coffee increases 0.57% to trade around $184.6.
Looking ahead, ongoing depreciation may be prolonged as today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
Having set a significant high of $22.09 3 days ago, the ICE Sugar future is trading 6.88% lower.