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Barchart
Barchart
Rich Asplund

Sugar Prices Finish High as Dollar Weakness Induces Short Covering

Brazil Green Pool Commodity Specialists India Thailand USDA

May NY world sugar #11 (SBK25) Wednesday closed up +0.10 (+0.55%), and May London ICE white sugar #5 (SWK25) closed up +4.00 (+0.77%).

On Wednesday, sugar prices posted moderate gains as the dollar index (DXY00) fell to a 3-3/4 month low and spurred short-covering in sugar futures.  Gains in sugar were limited after the price of WTI crude oil (CLJ25) Wednesday plunged more than -3% to a 1-3/4 year low.  Weaker crude oil prices undercut ethanol prices and may prompt global sugar mills to divert cane crushing toward sugar production rather than ethanol, boosting sugar supplies.

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