July NY world sugar #11 (SBN26) today is down -0.30 (-2.03%), and Aug London ICE white sugar #5 (SWQ26) is down -5.60 (-1.28%).
Sugar prices added to Wednesday's sharp losses today, falling to 1-week lows. Gasoline prices (RBM26) are down by more than -1% today and by more than -8% over the past three sessions, which undercuts ethanol prices and weighs on sugar prices. According to Covrig Analytics, falling ethanol prices are already prompting Brazilian sugar mills to divert sugarcane away from ethanol production toward sugar, as sugar prices are currently 0.7 to 1 cent per pound more profitable to produce than ethanol.
