Sugar Price Forecast Mixed As El Nino Affects Crop Harvest: This ETF Tracks The Agricultural Commodity
Portfolio Pulse from Melanie Schaffer
The Teucrium Sugar Fund ETF (CANE) experienced a gap down in Monday's trading session amid mixed sugar price forecasts due to the El Nino weather event. El Nino historically affects sugar crop production in major producing countries like Brazil and India, leading to price fluctuations. The outlook for sugar prices is mixed, with bearish factors like increased sugarcane production in India and bullish factors like reduced production in Thailand. Technical analysis indicates CANE is in a downtrend but may bounce back in the short term.
April 08, 2024 | 6:23 pm
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Teucrium Sugar Fund ETF (CANE) gapped down but may find a short-term bottom amid mixed sugar price forecasts due to El Nino.
CANE's price movement is directly influenced by sugar price forecasts, which are currently mixed due to El Nino's impact on crop production. The technical analysis suggests a potential short-term bounce, but the overall trend remains bearish due to factors like increased production in India and decreased production in Thailand.
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