October NY world sugar #11 (SBV26) on Tuesday closed up +0.13 (+0.88%), and Aug London ICE white sugar #5 (SWQ26) closed up +0.30 (+0.06%).
Sugar prices settled higher on Tuesday after Brazil approved a higher ethanol blend in its gasoline, which could potentially boost ethanol demand and prompt Brazil’s sugar mills to boost ethanol output at the expense of sugar. Brazil’s National Energy Policy Council approved a resolution that raises the mandatory blend of anhydrous ethanol in gasoline to 32% from the current 30%.
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