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Barchart
Barchart
Rich Asplund

NY Sugar Slightly Higher on Strength in Crude Oil

Oil Brazil India Unica London Conab Green Pool Commodity Specialists ISMA USDA

July NY world sugar #11 (SBN25) today is up +0.05 (+0.28%), and August London ICE white sugar #5 (SWQ25) is down -1.80 (-0.36%).

Sugar prices today fell from 2-week highs and are mixed.  Strength in crude prices is bullish for sugar prices, with WTI crude oil (CLM25) up more than +1% today to a 2-week high.  Higher crude prices benefit ethanol and could prompt the world’s sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.  However, sugar prices fell from their best levels today, with London sugar falling into negative territory after the dollar index (DXY00) rallied to a 1-month high.  

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