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Barchart
Barchart
Rich Asplund

Sugar Prices Rally on Strength in Crude and the Brazilian Real

Brazil India London NY Unica Conab Green Pool Commodity Specialists ISMA USDA

July NY world sugar #11 (SBN25) today is up +0.51 (+2.88%), and August London ICE white sugar #5 (SWQ25) is up +13.90 (+2.81%).

Sugar prices today are sharply higher, with NY sugar posting a 5-week high and London sugar posting a 2-week high.  Today's +2% rally in WTI crude oil (CLM25) to a 2-week high is bullish for sugar.  Higher crude prices benefit ethanol and could prompt the world's sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.  

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