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Barchart
Barchart
Rich Asplund

Dollar Strength and Crude Oil Weakness Pressure Sugar Prices

Oil NY India USDA ISO Brazil Deficit Ethanol FAs

July NY world sugar #11 (SBN26) on Thursday closed down -0.26 (-1.88%), and Aug London ICE white sugar #5 (SWQ26) closed down -6.90 (-1.53%).

Sugar prices settled lower on Thursday, with NY sugar matching Tuesday’s 1.75-month low. Dollar strength and weakness in crude oil prices on Thursday pressured sugar prices. The dollar index ($DXY) rallied to a 13-month high on Thursday, weighing on most commodity prices. Also, WTI crude oil (CLN26) tumbled to a 3.5-month low, undercutting ethanol prices, which could potentially prompt the world’s sugar mills to divert cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.

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