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Barchart
Rich Asplund

NY Sugar Undercut by Weakness in Crude Oil and the Brazilian Real

Brazil NY crude oil India Oil London Thailand the Indian Sugar and Bioenergy Manufacturers Association USDA

March NY world sugar #11 (SBH25) Tuesday closed down -0.06 (-0.27%), and December London ICE white sugar #5 (SWZ24) closed up +4.90 (+0.86%).

Sugar prices Tuesday settled mixed, with NY sugar posting a 1-week low.  Sugar prices were undercut by Tuesday's sharp drop of more than -4% in crude oil prices (CLX23).  Weaker crude prices undercut ethanol and may prompt the world's sugar mills to divert more cane crushing toward sugar production instead of ethanol, thus boosting sugar supplies.

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