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Barchart
Barchart
Rich Asplund

Slumping Crude Oil Pressures Sugar Prices

Oil India USDA Ethanol NY ISO Brazil Deficit FAs

July NY world sugar #11 (SBN26) on Monday closed down -0.24 (-1.77%), and Aug London ICE white sugar #5 (SWQ26) closed down -0.40 (-0.09%).

Sugar prices moved lower on Monday, with NY sugar falling sharply to a 2-month low. Monday’s -2% decline in crude oil prices (CLN26) has undercut ethanol prices and is weighing on sugar prices. The weaker ethanol prices 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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