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Rich Asplund

Sugar Prices Rally on Strength in Crude Oil

crude oil Oil India Ethanol Brazil Thailand ISM ISO the Indian Sugar and Bioenergy Manufacturers Association USDA

March NY world sugar #11 (SBH25) Thursday closed up +0.56 (+2.47%), and December London ICE white sugar #5 (SWZ24) closed up +10.00 (+1.74%).

Sugar rallied on Thursday due to a +4% jump in crude prices (CLX24) to a 1-month high.  Strength in crude oil benefits ethanol prices and may prompt global sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus reducing sugar supplies.

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