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Rich Asplund

Sugar Prices Pressured by Weakness in Crude Oil

crude oil Oil India USDA NY Thailand Brazil Citigroup Conab Covrig Analytics

July NY world sugar #11 (SBN26) today is down -0.14 (-0.95%), and Aug London ICE white sugar #5 (SWQ26) is down -5.40 (-1.22%).

Sugar prices are sliding today, with NY sugar falling to a 2.5-week low. Today's fall in crude oil prices (CLN26) to a 2.5-week low is weighing on sugar prices. Weak crude prices undercut ethanol prices and could spur global sugar mills to divert more cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.

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