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Barchart
Barchart
Rich Asplund

NY Sugar Prices Rebound as Crude Prices Soar

NY Brazil India Thailand El Nino London USDA

Oct NY world sugar #11 (SBV23) on Wednesday closed +0.11 (+0.42%), and Dec London white sugar #5 (SWZ23) closed -1.40 (-0.20%).

Sugar prices Wednesday extended this week's losses to 2-1/2 week lows on ramped-up sugar production in Brazil.  However, sugar prices recovered from their worst levels, with NY sugar climbing into positive territory after a surge in crude prices (CLX23) to a 13-month high Wednesday sparked short covering in sugar futures.  Strength in crude benefits ethanol prices and could prompt global sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.

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