Sugar To Average USc22.50/lb in 2012

We hold a moderately bearish view towards front-month sugar in the near term on the back of an improving supply picture. A break of the multi-month support at USc24.80/lb, which also intercepts with the 100-day moving average, would turn us outright bearish. In such an event, the next meaningful level of support would come in at USc20.00/lb.

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