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Barchart
Rich Asplund

Sugar Prices Finish Higher on Dollar Weakness and Poor Brazilian Cane Quality

Brazil India Unica Conab ISMA USDA

July NY world sugar #11 (SBN25) Wednesday closed up +0.36 (+2.08%), and August London ICE white sugar #5 (SWQ25) closed up +10.60 (+2.18%).

Sugar prices on Wednesday settled sharply higher as a slump in the dollar index (DXY00) to a 2-week low fueled fund short covering in sugar futures.  Prices rose even further Wednesday after Unica said that the poor cane quality of the current sugar harvest in Brazil had prompted sugar millers to use more of the cane for ethanol than sugar, curbing sugar production.

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