October NY world sugar #11 (SBV26) closed up +0.01 (+0.06%) on Monday, and October London ICE white sugar #5 (SWV26) closed up +1.70 (+0.32%).
Sugar prices finished slightly higher on Monday as they consolidated below last week’s significant highs. Sugar prices found support Monday after WTI crude oil prices (CLV26) rose to a 3.75-month high. Higher crude prices support ethanol prices and could prompt the world’s sugar mills to divert more cane crushing into ethanol production and less to sugar, curbing sugar supplies.