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Rich Asplund

Sugar Prices Settle Higher as Crude Oil Soars

Oil India ISMA ISO FAs USDA

May NY world sugar #11 (SBK26) on Thursday closed up +0.13 (+0.91%), and May London ICE white sugar #5 (SWK26) closed up +0.70 (+0.17%).

Sugar prices settled higher on Thursday but remained below Monday's 2-month highs.  Thursday's +7% surge in crude oil prices (CLK26) was supportive for sugar.  Higher crude oil prices support ethanol prices, encouraging the world's sugar mills to divert cane crushing toward ethanol production rather than sugar, thereby reducing sugar supplies.

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