I have a soft spot for sugar. I have had a bullish bias on it since 2005. Not only from a fundamental view point but also a technical one. The extreme positioning of traders has peaked my interest.
Commercial hedgers have been big buyers on this dip. Bull markets in sugar tend to be quick and vicious on the up side.
Take a look at the sugar prices going back to the early 20th century.
In the 1970’s it went from under 2 cents a pound to about 65 cents a pound (not shown on chart above for some reason but spot price were above 65 cents in late 1974).
Sugar is cheaper than it was 100 years ago. I can not think of anything that is cheaper than it was 100 years ago. I will be looking to buy at 10 cents.