International Sugar Market Report 17th Jan 2019

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Both markets moved higher and made new highs for the move yesterday. Chart trends are up again after a sideways trade for a week. There was no real fundamental news to support the move. Petroleum futures appear to have made some short-term lows at this time, so that might be helping change the tone in Sugar. Brazil has been using a majority of its Sugarcane harvest to produce ethanol this year instead of Sugar, and there is some talk the mills might switch back to Sugar unless petroleum prices improve soon

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