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Barchart
Barchart
Rich Asplund

Sugar Prices See Support as Crude Oil Rallies

crude oil Oil India Brazil Unica Conab Green Pool Commodity Specialists ISMA London USDA

July NY world sugar #11 (SBN25) Friday closed up +0.28 (+1.60%), and August London ICE white sugar #5 (SWQ25) closed up +5.00 (+1.01%).

Sugar prices on Friday added to Thursday’s gains and posted 1-week highs.   Strength in crude prices on Friday boosted sugar prices after WTI crude oil (CLM25) rose more than +1% to a 1-1/2 week high.  Higher crude prices benefit ethanol and could prompt the world’s sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.  

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