
July NY world sugar #11 (SBN25) today is up +0.18 (+1.09%), and August London ICE white sugar #5 (SWQ25) is up +6.10 (+1.31%).
Sugar prices today are moving higher as strength in crude oil and the Brazilian real has prompted some short covering in sugar futures from last Friday's multi-year lows. WTI crude oil (CLN25) climbed to a 2-1/4 month high today, which benefits ethanol prices and may prompt the world's sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus reducing sugar supplies. Also, today's rally in the Brazilian real (^USDBRL) to an 8-month high discourages export selling from Brazil's sugar producers.