July NY world sugar #11 (SBN26) today is down -0.29 (-2.13%), and Aug London ICE white sugar #5 (SWQ26) is down -2.40 (-0.54%).
Sugar prices are sliding today, with NY sugar falling sharply to a 2-month low. Today’s -2% decline in crude oil prices (CLN26) has undercut ethanol prices and is weighing on sugar prices. The weaker ethanol prices could potentially prompt the world’s sugar mills to divert cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.