Mar ’20 sugar futures are under pressure this morning like many markets with a tense global atmosphere but remain in a strong upward channel. The main fundamental story of a sizable global production deficit in sugar is still very much in play and continues to support the multi-month rise in sugar prices we have seen. At this point we are likely to see volatility presented by outside market influences, namely the impact of potential increase of military action in the middle east. It’s possible to we may find some bulls take their profits and step to the sidelines. However, do keep in mind that while military conflict with Iran could create a strong risk-off attitude, it could also push energy prices up in a dramatic way, which would have a very bullish influence on sugar due to its use in ethanol production. My analysis of this market is still very bullish, but bulls may need to brace themselves for volatile environment.