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Barchart
Barchart
Rich Asplund

Sugar Prices Rebound as Dollar Weakness Spurs Short Covering

Brazil Green Pool Commodity Specialists India London Thailand USDA

May NY world sugar #11 (SBK25) today is up +0.11 (+0.61%), and May London ICE white sugar #5 (SWK25) is up +4.30 (+0.83%).

Sugar prices today are moderately higher.  Short-covering emerged in sugar futures today after the dollar index (DXY00) tumbled more than -1% to a 3-3/4 month low.  Gains in sugar are limited after the price of WTI crude oil (CLJ25) today plunged to a 1-3/4 year low.  Weaker crude oil prices undercut ethanol prices and may prompt global sugar mills to divert cane crushing toward sugar production rather than ethanol, boosting sugar supplies.

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