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Barchart
Barchart
Rich Asplund

Strength in Crude Oil Underpins Sugar Prices

Oil India Brazil Unica Conab Green Pool Commodity Specialists ISMA London USDA

July NY world sugar #11 (SBN25) today is up +0.36 (+2.06%), and August London ICE white sugar #5 (SWQ25) is up +6.00 (+1.21%).

Sugar prices today added to Thursday’s gains and posted 1-week highs.   Strength in crude prices is boosting sugar, with today’s +1% rally in WTI crude oil (CLM25) to a 1-1/2 week high.  Higher crude prices benefit ethanol and could prompt the world’s sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.  

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