SUGARUSD Confirmed the Bullish BAMM Trigger Line as Support

This has been a Years Long trade and Sugar is nearly there at the 88.6% target, but I do think since we spent some time testing the B point as support that it has potential for pushing all the way to the 1.13 Extension to complete a Full ABCD, so I will be opening up another bullish position on the CANE ETF from here and targeting higher levels.

Comment:

The hurricane seasons have been getting stronger and stronger over the last few years and this is a trend that is expected to continue into the future. Upon seeing the GFS models for Hurricane Idalia and the strength of Idle Hurricane Franklin, I am now decently convinced that this heightened activity will negatively affect the production of US Sugar and Oranges, as Florida produces about 50% of US Sugar and 70% of US Citrus. Given these facts, we may actually see further increases in the pricing for these items, and since Sugar is a highly used preservative, we may also see a general increase in Food Prices once again, not exactly due to dollar weakness but rather due to a shortage of supply and increased difficulty in transporting the products due to any unforeseen storm-related damages that may occur.