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Barchart
Barchart
Rich Asplund

Sugar Prices Firm on Global Weather Concerns

El Nino India Brazil ISMA London USDA

July NY world sugar #11 (SBN23) on Monday closed up +0.09 (+0.35%), and Aug London white sugar #5 (SWQ23) closed up +3.70 (+0.54%).

Sugar prices Monday posted moderate gains.  Since last Thursday, sugar prices have carryover support on concerns that an El Nino weather pattern could disrupt global sugar production.   Sugar fell back from its best levels Monday after WTI crude (CLV23) plunged more than -4% to a 6-week low.  Weaker crude prices undercut ethanol prices and may prompt sugar mills to divert more cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.  

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