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Barchart
Barchart
Rich Asplund

Sugar Prices Advance on Strength in Crude Oil and Possible Reduction in Mexican Sugar Imports

India London NY Thailand El Nino Ethanol United States USDA

May NY world sugar #11 (SBK24) on Thursday closed up +0.33 (+1.49%), and May London ICE white sugar #5 (SWK24) closed up +6.90 (+1.07%).

Sugar prices on Thursday posted moderate gains, with NY sugar rising to a 1-month high and London sugar climbing to a 1-1/2-month high.  Thursday's rally in crude prices (CLK24) to a 1-week high was bullish for sugar.  Strength in crude prices benefits ethanol prices and may prompt global sugar mills to divert more cane crushing toward ethanol production than sugar, thus curbing sugar supplies.

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