July NY world sugar #11 (SBN24) today is up +0.01 (+0.05%), and Aug London ICE white sugar #5 (SWQ24) is up +3.70 (+0.67%).
Sugar prices today are slightly higher due to the strength of crude prices. Crude oil (CLQ24) today rallied to a 7-week high, which benefits ethanol prices and may prompt the world's sugar mills to divert more cane crushing toward ethanol production than sugar, thus curbing sugar supplies. Also, poor monsoon rainfall in India is bullish for sugar prices after the Indian Meteorological Department said India had received 64.5 mm of rain over the first 18 days of June, compared with the long-term average of 80.6 mm.
