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Barchart
Barchart
Rich Asplund

Sugar Prices Settle Mixed as Crude Oil Erases an Early Rally

Oil India Deficit USDA Brazil NY Thailand Covrig Analytics El Niño FAs

October NY world sugar #11 (SBV26) closed down -0.04 (-0.23%) on Monday, and December London ICE white sugar #5 (SWZ26) closed up +1.50 (+0.30%).

Sugar prices settled mixed on Monday. Sugar prices initially found support on Monday after WTI crude oil (CLX26) jumped more than +4%, which benefits ethanol prices and could prompt sugar mills globally to divert more cane crushing toward ethanol production rather than sugar, thus reducing sugar supplies. However, crude oil gave up its advance and turned lower on Monday, spurring long liquidation in sugar futures.

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