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Barchart
Barchart
Rich Asplund

Sugar Prices Correct Higher After Recent Plunge

May NY world sugar #11 (SBK26) on Friday closed up +0.33 (+2.43%), and Aug London ICE white sugar #5 (SWQ26) closed up +7.80 (+1.82%).

Sugar prices extended this week's rally on Friday, with NY sugar posting a 1-week high and London sugar posting a 2-week high.   Recent strength in the Brazilian real (^USDBRL) has fueled short covering in sugar futures.  The real rallied to a 2-year high against the dollar on Thursday, discouraging export sales by Brazil's sugar producers.

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