Sugar Market Recap - 9/16/2016

September 16, 2016 10:37AM CDT

October Sugar closed up 1.30 at 21.78. This was 1.33 up from the low and 0.42 off the high.

After threatening for several sessions, sugar prices broke out of their August/September consolidation zone with an explosive upside breakout before finishing Friday's trading session with a massive gain and at their highest price level since the fall of 2012. For the week, March sugar finished with a gain of 178 ticks (8.6% higher). While there were no major supply/demand developments going into the weekend, bullish developments (slowing sugar output) and Indian (below average monsoon rainfall this year) have helped to fuel sugar's updraft.

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