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Barchart
Barchart
Rich Asplund

Sugar Posts Moderate Gains as Crude Oil Climbs

Oil India Thailand Brazil ISM USDA

October NY world sugar #11 (SBV24) Wednesday closed up +0.26 (+1.41%), and Oct London ICE white sugar #5 (SWV24) closed up +10.50 (+2.02%).

Sugar prices Wednesday posted moderate gains.  Wednesday's rally of more than +2% in crude oil prices (CLV24) sparked short covering in sugar futures.  Sugar prices on Tuesday previously fell to a 2-week low after crude oil plunged to a 16-month low.  Weaker crude oil prices undercut ethanol prices and may prompt the world's sugar mills to divert more cane crushing to sugar production rather than ethanol, thus boosting sugar supplies.

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