October NY world sugar #11 (SBV26) on Friday closed down -0.58 (-3.10%), and October London ICE white sugar #5 (SWV26) closed down -15.20 (-2.82%).
Sugar prices moved lower due to Friday’s decline of more than -2% in WTI crude oil prices, which gave back part of Thursday’s +6.7% surge to a 3.5-month high. Lower crude prices undercut ethanol prices and could prompt the world’s sugar mills to divert less cane crushing to ethanol production and more to sugar, boosting sugar supplies.