Closed the Sugar long:

Sold my £10/tick of New York Jul '06 Sugar at $17.17...this on has been
buggin me for a while, as whilst it made me £740, it has been up and
down in a narrow range and never took off like other commodity markets
did over the last month or so, eg. metals. So happy to take the money
and sit back.

Whilst I think that there will be an increase in sugar used for ethanol
production, and increased demand as the global economy continues
expanding, it sounds like Brazil is having record crops and has been
planting more and more as the price has risen. Like in any market, as
prices change, so does supply. So...it was time to sell.

And briefly, you may have noticed that I haven't said much on GBP
recently...this bloody currency just wants to go up, and I have been
smoked on it. Think I've dropped about £12,000 this month alone on my
short. I don't understand why the market is so bearish the dollar and so
sanguine on sterling...I'll give it some time for the market viewpoint
to come round to the failing UK economy. But at the moment I am a
nervous short and looking at options to re-position myself.