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Rich Asplund

Soaring Crude Oil Prices Support Sugar Prices

crude oil Oil India London ISO USDA Brazil Ethanol Covrig Analytics FAs

May NY world sugar #11 (SBK26) on Wednesday closed up +0.14 (+1.04%), and Aug London ICE white sugar #5 (SWQ26) closed up +1.70 (+0.40%).

Sugar prices settled higher on Wednesday, with London sugar posting a 1.5-week high. Short covering emerged in sugar futures on Wednesday as crude oil prices (CLM26) jumped more than +3%, which boosts ethanol prices and could prompt the world's sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.

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