UPDATE 2-Speculators raise net sugar longs in sudden reversal - CFTC | Reuters
March 23 (Reuters) - Speculators piled into raw sugar futures and
options on ICE Futures U.S. in the week ended March 20, betting
on higher prices amid talk that crops from Brazil may fall short
of expectations, traders said. In contrast to sugar, speculators
were betting on weaker markets in other soft commodities, raising
their net short positions in coffee and cotton to three-year highs.
But the sugar strategy, a sudden about-face after a massive drop
in the prior week, may not pay off, traders said, warning that
this week's rally to three-week highs was overdone and the market
was due a correction.