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Rich Asplund

Sugar Prices Erase Early Gains as Crude Oil Prices Plunge

crude oil Oil India USDA Citigroup Conab Covrig Analytics Deficit Ethanol FAs

July NY world sugar #11 (SBN26) on Wednesday closed down -0.28 (-1.87%), and Aug London ICE white sugar #5 (SWQ26) closed unchanged.

Sugar prices gave up an early advance today and settled mostly lower. Sugar prices came under pressure after crude oil prices (CLN26) plunged by more than -5% on Wednesday, which undercuts ethanol prices and could persuade global sugar mills to divert more cane crushing to sugar production rather than ethanol, boosting sugar supplies.

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One subscription that gives you access to news from hundreds of sites

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