May NY world sugar #11 (SBK26) on Monday closed down -0.10 (-0.72%), and Aug London ICE white sugar #5 (SWQ26) closed down -8.20 (-1.88%).
Sugar prices gave up an early advance on Monday and settled lower, as expectations of a bumper Brazilian sugar harvest are limiting near-term upside. Sugar prices initially moved higher on Monday, with NY sugar posting a 2-week high and London sugar posting a 3-week high after gasoline prices (RBM26) rallied to a 3.75-year high, which boosts ethanol prices and could prompt the world's sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.
