Just watched sugar futures pop on Monday as the dollar index hit a 1-week low - classic short covering move. March NY sugar up 1.70% and London white sugar up 0.25%. You know how it goes, sometimes you're a day late and a dollar short when it comes to timing these reversals. The funds had built up massive short positions in NY sugar, hitting record levels at 239,232 net shorts according to the COT report, so any dollar weakness was bound to trigger some buying back. That said, the bigger picture still looks pretty bearish for sugar prices. We're talking persistent global surpluses - multiple analysts are calling for 2-3 MMT surpluses in 2025/26, and Brazil's looking at record production around 45 MMT. India's also ramping up exports after their government loosened restrictions, which is adding supply pressure. Thailand's crop is expected to grow 5% year-over-year too. The USDA's December report was pretty clear: global sugar production heading to a record 189 MMT while consumption only rising 1.4%. So yeah, this short covering bounce might be a day late and a dollar short compared to the real trend - all this surplus is still hanging over the market. Prices have been sliding for months and I don't see that changing anytime soon unless something shifts on the supply side.