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Barchart
Barchart
Rich Asplund

Sugar Prices Firm on Strength in Crude Oil Prices and Weak Monsoon Rains in India

July NY world sugar #11 (SBN24) today is up +0.03 (+0.16%), and Aug London ICE white sugar #5 (SWQ24) is up +0.10 (+0.02%).

Sugar prices today are slightly higher on strength in crude prices.  Crude oil (CLN24) rallied to a 7-week high today, which benefits ethanol prices and may prompt the world's sugar mills to divert more cane crushing toward ethanol production than sugar, thus curbing sugar supplies.  Also, poor monsoon rainfall in India supported sugar prices after the Indian Meteorological Department said India has received below-average rainfall during the current monsoon season.  

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