July NY world sugar #11 (SBN26) today is up +0.37 (+2.51%), and Aug London ICE white sugar #5 (SWQ26) is up +9.00 (+2.06%).
Sugar prices are climbing today as Brazil's decision to announce new fuel subsidies to cushion the impact on gasoline and diesel prices from the Iran war will support ethanol prices, which could prompt Brazil's sugar mills to divert more cane crushing toward ethanol production rather than sugar.