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Barchart
Barchart
Rich Asplund

Strength in Crude Oil Sparks Short Covering in Sugar Futures

Oil India USDA Brazil ISMA London NY Thailand Unica

July NY world sugar #11 (SBN25) Tuesday closed up +0.02 (+0.12%), and August London ICE white sugar #5 (SWQ25) closed up +2.80 (+0.59%).

Sugar prices on Tuesday recovered from early losses and posted modest gains.  Short covering emerged in sugar futures Tuesday to lift prices higher after WTI crude oil (CLN25) rallied to a 1-1/2 week high.  Higher crude prices benefit ethanol prices and may prompt global sugar mills to divert more cane crushing to ethanol production rather than sugar, thus curbing sugar supplies.

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