Futures in London and New York were lower on ideas that world production is more than enough for any demand right now. A higher US Dollar against world currencies was also noted as a reason to sell. The charts show that trends are turning down again in the short-term. The big harvest in Brazil continues, but some of the processing will probably switch now to ethanol due to tax changes last week and relative US Dollar weakness. In fact, sources in Brazil expect the percentage of cane crushed for ethanol to change in the short-term.
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