Raw sugar futures on ICE Futures US at 9:50 am EDT (1350 GMT). May raw sugar contract was down 2.68 percent, at 17.40 cents per lb, a 0.48 cent decline. Range lead down to 17.04, a two-day low, from 17.99 cent high. May volume came to 29,633 lots. Month-end and quarter-end positions squaring weighs on sugar prices - traders.
Raw sugar futures remain within recent sideways range - charts. Last Wednesday, spot sugar tumbled to a low dating back to late June at 16.17 a lb on a continuation chart, and had been tracking sideways since then. Raw sugar hit a 29-year high of 30.40 cents on February 1, but lost almost half of its value when it tumbled to the 10-1/2 month low on the May contract.
On the spot sugar continuation chart, sugar is set for its biggest quarterly decline since second quarter 1985 - chart data. Dealings expected to remain light for rest of the holiday-shortened week, with possible surprises in either direction before session end - traders. ICE exchange and sugar trading will be closed on Friday for the Good Friday holiday.