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Barchart
Barchart
Rich Asplund

Sugar Prices Retreat on Weakness in the Brazilian Real and Crude Oil

Brazil London India Thailand El Nino NY USDA

March NY world sugar #11 (SBH24) on Monday closed -0.13 (-0.49%), and Dec London white sugar #5 (SWZ23) closed -4.20 (-0.59%).

Sugar prices Monday closed moderately lower, with London sugar falling to a 5-week low.  Weakness in the Brazilian real (^USDBRL) is bearish for sugar prices after the real on Monday tumbled to a 4-month low against the dollar.  The weaker real encourages export selling from Brazil's sugar producers.    Also, Monday's -2% fall in crude prices (CLX23) was bearish for sugar as the weakness in crude undercuts ethanol prices and may prompt the world's sugar mills to divert more cane crushing toward sugar production than ethanol, thus boosting sugar supplies.

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