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Barchart
Barchart
Rich Asplund

Sugar Prices Rebound on Strength in the Brazilian Real and Crude Oil

Oil Brazil India ISMA ISO London Ethanol FAs NY USDA

May NY world sugar #11 (SBK26) today is up +0.12 (+0.77%), and May London ICE white sugar #5 (SWK26) is up +1.50 (+0.33%).

Sugar prices recovered from 1.5-week lows today and moved higher as short covering emerged in sugar futures after the Brazilian real (^USDBRL) rallied to a 1.5-week high against the dollar.  The stronger real discourages export sales from Brazil's sugar producers.  Today's rally in WTI crude oil (CLK26) to a 3-week high was also supportive of sugar prices.

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