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Barchart
Barchart
Rich Asplund

Crude Oil Strength Sparks Short Covering in Sugar

Oil India Ethanol ISO London NY FAs ISMA USDA

May NY world sugar #11 (SBK26) today is up +0.15 (+1.11%), and Aug London ICE white sugar #5 (SWQ26) is up +6.20 (+1.50%).

Sugar prices are moving higher today as a +2% rally in crude oil price (CLK26) sparked short covering in sugar futures.  Higher crude prices boost ethanol prices and could prompt global sugar millers to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.

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