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Barchart
Barchart
Rich Asplund

Strength in Crude Oil Sparks Short Covering in Sugar Futures

Oil Brazil India USDA ISMA London NY Thailand

October NY world sugar #11 (SBV25) on Monday closed up +0.14 (+0.86%), and October London ICE white sugar #5 (SWV25) closed up +3.80 (+0.81%).

Sugar prices finished higher Monday as a rally in crude oil prices sparked short covering in sugar futures.  WTI crude oil (CLU5) rose by more than +2% Monday to a 1-week high, which benefits ethanol prices and may prompt the world's sugar mills to divert cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.

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