Trade idea: The prospect for an improvement in
near-term supply with the 2011/12 C/S Brazilian crush,
but a still-tight global balance prompts us to play our
bearish view on sugar through spreads. We are initiating
a short July 11 – March 12 position, currently trading in
backwardation of 2.11 cents/lb, with a stop at 3 cents/lb.
We would take profits on the position at -1 cents/lb