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Barchart
Barchart
Rich Asplund

Sugar Prices Fall on Doubts About Global Economic Growth

crude oil Oil India Brazil Thailand Ethanol London the Indian Sugar and Bioenergy Manufacturers Association Unica USDA

October NY world sugar #11 (SBV24) is down -0.17 (-0.93%), and Oct London ICE white sugar #5 (SWV24) is down -7.80 (-1.46%).

Bearish factors for sugar today include sharply lower crude oil prices (CLU24) and concern about the global economic outlook.  Lower crude oil prices undercut ethanol prices and encourage Brazlian producers to mill more sugar.  Today’s June US existing home sales report of -5.4% to 3.89 million was weaker than market expectations for a -3.2% drop to 3.98 million.  

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