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Barchart
Barchart
Rich Asplund

Crude Oil Strength Lifts Sugar Prices

October NY world sugar #11 (SBV25) today is up +0.24 (+1.48%), and August London ICE white sugar #5 (SWQ25) is up +6.30 (+1.31%).

Sugar prices are moving higher today as a sharp +2% rally in WTI crude oil (CLQ25) has sparked short covering in sugar futures.  Higher crude prices benefit ethanol prices and may prompt the world's sugar mills to divert more cane crushing to ethanol production rather than sugar, thus curbing sugar supplies.  

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