March NY world sugar #11 (SBH26) today is down -0.20 (-1.23%), and December London ICE white sugar #5 (SWZ25) is down -1.00 (-0.22%).
Sugar prices are moving lower today, with NY sugar sliding to a 2.5-week low. Weakness in crude oil (CLX25) and the Brazilian Real (^USDBRL) are weighing on sugar prices. WTI crude sank more than -4% to a 5-month low today, and the real today tumbled to a 5-week low against the dollar. Weakness in crude prices undercuts ethanol prices and may prompt the world's sugar mills to divert more cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies. The weaker real encourages export sales from Brazil's sugar producers.
