Imperial Sugar (IPSU), with shares breaking out Thursday, traded a bullish 3 legged strategy in April. The trader sold 600 April $12.50 puts at $1.45 and bought the $15/$17.50 call spread for $1. This is a bullish bet for a name that is usually quiet in options activity. Shares have formed an inverse head and shoulders pattern with a potential breakout at $16. As one of the few pure plays on sugar, shares of Imperial are cheap at 2.25X cash value, but has had recent struggles. Sugar prices have been rising due to extremes in weather making for a tough crop and with India the largest exporter and importer of sugar experiencing droughts. Sugar is also a play on a weak US Dollar. It has also been rumored that hedge funds are loading up on sugar future contracts, and with demand rather in-elastic, it appears to be a solid long term bet.