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Barchart
Barchart
Rich Asplund

Sugar Prices See Support from a Rally in Crude Oil

India London Brazil Conab ISMA ISO

July NY world sugar #11 (SBN23) on Tuesday closed up +0.10 (+0.38%), and Aug London white sugar #5 (SWQ23) closed down -6.60 (-0.92%).

Sugar prices Tuesday settled mixed.  Strength in crude prices is supportive for sugar after WTI crude (CLM23) on Tuesday rallied to a 1-week high.  Higher crude prices benefit ethanol prices and may prompt the world's sugar mills to divert more cane crushing toward ethanol production than sugar, thus curbing sugar supplies.  However, a rally in the dollar Tuesday knocked sugar prices down from their best levels, with London sugar falling into negative territory.

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