Technical BUY signal in sugar

Hammer formation and bullish engulfing at the lower end of a 3 year downtrend channel and lower Bollinger band

Short term target around the upper Bollinger band with further upside towards the higher end of the trend channel

Also to note: USD/BRL is on a mutliyear high, hence a retracement in the currency pair would send the prices in Sugar higher.

Comment:

Sugar on track; now March the active month after yesterday.

Future spreads are in backwardation now!!!!!

Look for further upside especially if USDBRL comes off IMHO