
October NY world sugar #11 (SBV24) today is up +0.15 (+0.81%), and Oct London ICE white sugar #5 (SWV24) is up +7.80 (+1.50%).
Sugar prices today are moderately higher. Today's rally of more than +2% in crude oil prices (CLV24) has sparked short covering in sugar futures. On Tuesday, sugar prices fell to 2-week lows after crude oil sold off to a 16-month low. Weaker crude oil prices undercut ethanol prices and may prompt the world's sugar mills to divert more cane crushing to sugar production rather than ethanol, thus boosting sugar supplies.