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Rich Asplund

Sugar Prices Retreat as Crude Oil Slumps

crude oil Oil India USDA NY Thailand Brazil Citigroup Conab Covrig Analytics

July NY world sugar #11 (SBN26) on Tuesday closed down -0.16 (-1.09%), and Aug London ICE white sugar #5 (SWQ26) closed down -5.50 (-1.24%).

Sugar prices retreated on Tuesday, with NY sugar posting a 2.5-week low. Tuesday's fall in crude oil prices (CLN26) to a 2.5-week low weighed on sugar prices. Weak crude prices undercut ethanol prices and could spur global sugar mills to divert more cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.

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