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Barchart
Barchart
Rich Asplund

Sugar Prices Supported by a Surge in Gasoline Prices

India Ethanol NY USDA ISO Brazil Covrig Analytics FAs ISMA United Kingdom

July NY world sugar #11 (SBN26) on Monday closed up +0.34 (+2.27%), and Aug London ICE white sugar #5 (SWQ26) did not trade as markets in the UK were closed for the May Day holiday.

Sugar prices settled sharply higher on Monday for a second day, with NY sugar posting a 1-month high.  Monday's +3% surge in gasoline prices (RBM26) is bullish for sugar, as higher gasoline prices boost ethanol prices and could persuade the world's sugar mills to divert more cane crushing toward ethanol production rather than sugar, thereby curbing sugar supplies.  

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