
July NY world sugar #11 (SBN25) today is up +0.02 (+0.12%), and August London ICE white sugar #5 (SWQ25) is up +6.20 (+1.33%).
Sugar prices today recovered from early losses and moved higher as strength in crude oil and the Brazilian real prompted short covering in sugar futures. WTI crude oil (CLN25) rose 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.