Fundamentals: There isn’t much short-term supply in the cash (spot) market. After mid-August, the seasonal pattern is down.
Seasonal Warning! Don’t sell October 2010 sugar! The usual seasonal pattern is up from this time of year (see charts below). Don’t trade against seasonal patterns or fundamentals. Below, in the upper charts the cyan line is the 3-yr. average and the gold line is the 5-yr. average. In the lower graphs the blue rolling-curve is the 10-yr. average and the red line is the 15-yr. average.