July NY world sugar #11 (SBN26) on Tuesday closed up +0.28 (+1.90%), and Aug London ICE white sugar #5 (SWQ26) closed up +4.50 (+1.03%).
Sugar prices moved higher on Tuesday as Brazil's decision to announce new fuel subsidies to cushion the impact of soaring gasoline and diesel prices from the Iran war will support ethanol prices, which could prompt Brazil's sugar mills to divert more cane crushing toward ethanol production rather than sugar.