Stocks & Commodities V. 25:7 (98, 97): At The Close: Sugar: Beyond The Bear Market by John Rose

Stocks & Commodities V. 25:7 (98, 97): At The Close: Sugar: Beyond The Bear Market by John Rose
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At The Close: Sugar: Beyond The Bear Market by John Rose

Sugar: Beyond The Bear Market

On May 9, 2006, the New York Board of Trade sponsored its first sugar convention in New York City. The event was well attended, and many of the major players in the sugar industry were in attendance. Needless to say, the bullish tone of the event marked a top in the sugar market, and futures have retraced over 50% since then. One of the eventís key speakers was Brazilís Eduardo Pereira De Carvalho, the head of the Union of Sugarcane Agroindustry. The Brazilian stance regarding sugar has changed considerably since the government adopted an ethanol strategy. At this time, Brazil views sugar as an energy source first and a food source second. Keep in mind that Brazil was viewed with amusement when it began its ethanol program. Back then, oil was trading in the low teens and gasoline was abundant and cheap. The courage and foresight Brazil demonstrated is beginning to show real benefits. You can bet the Brazilian government will be pushing its longstanding ethanol program worldwide, as any pioneer in an industry should. The result of this ethanol push can only come at the expense of white sugar.




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