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Barchart
Barchart
Rich Asplund

Crude Oil Weakness Pressures Sugar Prices

Oil India London NY USDA Ethanol FAs ISO Brazil Deficit

October NY world sugar #11 (SBV26) on Thursday closed down -0.14 (-0.93%), and Aug London ICE white sugar #5 (SWQ26) closed up +0.20 (+0.04%).

Sugar prices settled mixed on Thursday, with London sugar posting a 9.75-month nearest-futures high. NY sugar fell on Thursday, and London sugar erased most of its gains amid weakness in crude oil prices. WTI crude oil (CLQ26) tumbled to a 4.25-month low on Thursday, undercutting ethanol prices and potentially persuading global sugar millers to divert more cane crushing toward sugar production rather than ethanol, thereby boosting sugar supplies.

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