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Rich Asplund

Sugar Prices Follow Crude Oil Higher

Thailand India Brazil India Meteorological Department ISO the International Sugar Organization Unica USDA

July NY world sugar #11 (SBN24) today is up +0.15 (+0.81%), and Aug London ICE white sugar #5 (SWQ24) is up +3.00 (+0.55%).

Sugar prices today recovered from 1-week lows and are moderately higher. Short-covering emerged in sugar futures today after crude prices rallied to a 1-week high. Higher crude prices benefit ethanol prices and may prompt global sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.

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