October NY world sugar #11 (SBV26) is down -0.37 (-2.10%) today, and October London ICE white sugar #5 (SWV26) is down -18.70 (-3.49%).
Sugar prices are sharply lower today, with London sugar falling to a 1-week low. Prices are weighed down by carryover pressure from Monday on the outlook that India will import less sugar than previously estimated. Also, today’s -3% slump in crude oil prices (CLV26) to a 1-week low undercuts ethanol prices and could potentially prompt the world’s sugar mills to divert cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.
