
October NY world sugar #11 (SBV25) today is up +0.08 (+0.49%), and October London ICE white sugar #5 (SWV25) is up +1.30 (+0.28%).
Sugar prices are rising today as a rally in crude oil prices has sparked short covering in sugar futures. WTI crude oil (CLU5) is up more than +2% today to a 1-week high, which benefits ethanol prices and may prompt the world's sugar mills to divert cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.