May NY world sugar #11 (SBK26) today is down -0.09 (-0.65%), and Aug London ICE white sugar #5 (SWQ26) is down -6.40 (-1.47%).
Sugar prices gave up an early advance today and turned lower, as expectations of a bumper Brazilian sugar harvest are limiting the upside in the short term. Sugar prices initially move higher today, with NY sugar posting a 2-week high and London sugar posting a 3-week high after gasoline prices (RBM26) rallied to a 3.75-year high, which boosts ethanol prices and could prompt the world's sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.
