"We've run out of adjectives for the punishment sugar has taken," Scott Briggs, a strategist at Australia & New Zealand Banking Group, said in a comment. The recent slide "was driven by comments from an Indian official that production may be closer to 17 million tons than the previously expected 16 million tons."

Eoin Treacy's view Sugar paused for a few days last week in the region of the 200-day moving average and the lower side of the August to December range, but broke downwards again this week and is now retesting the psychological 20¢. An upward dynamic is required to check momentum beyond a brief pause and to pressure shorts.