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Barchart
Barchart
Rich Asplund

Crude Oil Weakness Undercuts Sugar Prices

India NY Thailand Brazil ISM ISO London USDA

October NY world sugar #11 (SBV24) today is down -0.31 (-1612%), and Oct London ICE white sugar #5 (SWV24) is down -3.80 (-0.71%).

Sugar prices today are moderately lower, with NY sugar falling to a 1-1/2 week low.  Today's fall in crude prices (CLV24) to a new 8-3/4 month low is pressuring sugar prices.  The weakness in crude undercuts ethanol prices and may prompt the world's sugar mills to divert cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.  

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