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Barchart
Barchart
Rich Asplund

Sugar Prices Follow Crude Oil Higher

India London NY ISMA Brazil El Nino USDA

July NY world sugar #11 (SBN23) on Friday closed up +0.43 (+1.65%), and Aug London white sugar #5 (SWQ23) closed up +17.50 (+2.55%).

Sugar prices Friday posted moderate gains, with NY sugar climbing to a 1-month high and London sugar climbing to a 2-week high.  A rally in crude prices (CLN23) Friday to a 1-week high was bullish for sugar.  Higher crude prices benefit ethanol prices and may prompt the world's sugar mills to divert more sugarcane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.

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