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Barchart
Barchart
Rich Asplund

Crude Oil Weakness Undercuts Sugar Prices

Oil India USDA ISO Thailand Brazil Covrig Analytics FAs ISMA

July NY world sugar #11 (SBN26) on Tuesday closed down -0.04 (-0.28%), and Aug London ICE white sugar #5 (SWQ26) closed down -0.10 (-0.02%).

Sugar prices fell to 1-week lows on Tuesday and settled lower amid weakness in crude oil prices. WTI crude oil (CLN26) fell more than -3% to a 7-week low on Tuesday, which undercut ethanol prices and could potentially prompt the world’s sugar mills to divert more cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.

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