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Barchart
Barchart
Rich Asplund

Sugar Prices Sink as Crude Oil Plunges

May NY world sugar #11 (SBK26) today is down -0.41 (-3.00%), and Aug London ICE white sugar #5 (SWQ26) is down -7.10 (-1.70%).

Sugar prices are sinking today, with NY sugar falling to a 5.5-year nearest-futures low.  Today's -12% plunge in crude oil prices (CLK26) is hammering sugar prices.  Lower crude prices undercut ethanol prices and could prompt global sugar millers to divert more cane crushing toward sugar production, thereby boosting sugar supplies.

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