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Barchart
Rich Asplund

Strength in Crude Oil Lifts Sugar Prices

crude oil Oil Brazil India ISO USDA London Conab FAs NY

October NY world sugar #11 (SBV25) today is up +0.21 (+1.34%), and October London ICE white sugar #5 (SWV25) is up +3.10 (+0.65%).

Sugar prices are moving higher today as a +1% rally in WTI crude oil (CLV25) has sparked some mild short covering in sugar futures.  Stronger crude prices benefit ethanol prices and may prompt global sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus reducing sugar supplies.

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