May NY world sugar #11 (SBK26) today is up +0.07 (+0.52%), and Aug London ICE white sugar #5 (SWQ26) is up +1.20 (+0.28%).
Sugar prices are moving higher today, with London sugar posting a 1.5-week high. Short covering emerged in sugar futures today as crude oil prices (CLM26) jumped more than +3%, 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.
