It will be interesting to see if there is any follow-through, since this was just a short-covering rally! This was truly a parabolic move. Parabolic up, parabolic down!
ICE raw sugar futures surged to post their largest daily gain since November on a short-covering rally, while cocoa futures sank under pressure from technical weakness and expectations of ample supplies. July raw sugar on ICE Futures U.S. jumped 0.54 cents, or 3.2 percent, to settle at 16.78 cents per lb in technically-driven dealings after prices sank to 16.17 cents on Thursday, the lowest level for the front month since July 2010. It was the front month's steepest one-day gain in seven months, pushing sugar to a weekly gain of about 2 percent after five weeks of losses.