From Nasdaq:

Teucrium Sugar Fund ETF (ARCA: CANE) saw slight consolidation and decline on Tuesday, continuing its downtrend since Feb. 12. 12 traders and analysts in a Reuters poll expect raw sugar to close 2024 at 24.5 cents per lb, a 20% increase from 2023. Global supply of sugar might be limited due to Brazil’s production and India’s lack of sugar growth.

The demand for sugar is rapidly increasing due to population growth and the expanding global middle class. Sugar plays a vital role in various industries worldwide. Sellers view CANE as an appealing product to diversify their investment portfolios. CANE helps investers track the price of sugar futures within a brokerage account. The ETF historically does not move with the U.S stock market trends.

The CANE Chart: CANE had a slight downtrend on Tuesday, breaking the trend line of a descending channel. The ETF may have reached its lowest point. A downtrend is indicated, and if CANE drops further, support is likely to occur when it hits $13.40 and $13.04.

(NOTE: The views and opinions expressed are of the author and do not necessarily reflect those of Nasdaq, Inc).

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