Sugar me

One short month ago, the sugar market was taking the commodity world by storm with prices soaring to their highest level in three decades. And, according to the usual "experts", the bullish waters were smooth sailing as far as the eye could see. 

And the government "withdrew" their subsidies because they were telling the people that they cannot take it anymore.

The news items from late January were telling you how and why sugar was bullish:

• "Sugar Rises To 29-Year Peak, Upside Seen. Dealers predict further rises in the coming weeks due to hefty, pent-up demand from many importing countries." (Reuters)
• "Sugar prices have powered higher due to expectations of a large global deficit this season... There's still quite a bit of tightness in supplies." (AP)
• "Sugar futures scaled a 29-year peak. It sill looks bullish on a fundamental basis. There's no change in the trend so far." (Reuters)
• "Sugar's caught in a perfect storm and the speculative money should keep pouring in."(Bloomberg)

YET -- in a matter of days, said "perfect storm" died away and sugar prices turned down in a powerful, unrelenting decline to the two-month lows.

Now, you can rest assure the usual sources will come forth with various "explanations" as why sugar tumbled and of course, they never see it coming until it was too late .