Check out the following chart: It looks like Sugar might be preparing for a massive breakout. The market is still in backwardation, which supports long positions in commodity futures over a longer holding period (see here). Consequently, we would like to see this resolve in an upside breakout.
Regardless, we will let price action guide our bias, as over shorter periods of time (a few days to a few weeks) the backwardation effect is not really in play.
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