
March NY world sugar #11 (SBH25) Wednesday closed up +0.24 (+1.14%), and March London ICE white sugar #5 (SWH25) closed up +2.10 (+0.39%).
Sugar prices Wednesday posted moderate gains, with London sugar recovering from a 1-month low. Short covering emerged in sugar futures Wednesday after WTI crude oil (CLF25) rose more than +2% to a 1-week high. Strength in crude price supports ethanol prices and may prompt the world's sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.