July NY world sugar #11 (SBN26) today is down -0.10 (-0.70%), and Aug London ICE white sugar #5 (SWQ26) is down -2.50 (-0.56%).
Sugar prices are moving lower today, under pressure from weakness in crude oil and the Brazilian real. WTI crude oil (CLN26) is down more than -2% today, undercutting ethanol prices that could prompt the world’s sugar mills to divert more cane crushing to sugar production rather than ethanol, thus boosting sugar supplies. Also, the Brazilian real (^USDBRL) tumbled to a 1.75-month low today, encouraging export sales from Brazil’s sugar producers.
