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Barchart
Barchart
Rich Asplund

Sugar Prices Supported by Strength in Crude Oil

Oil India ISO Brazil FAs ISMA USDA

May NY world sugar #11 (SBK26) on Friday closed down -0.01 (-0.07%), and May London ICE white sugar #5 (SWK26) closed up +0.70 (+0.17%).

Sugar prices gave up an early advance on Friday and settled mixed.  Friday's rally in the dollar index ($DXY) to a 3.5-month high weighed on sugar prices.  Losses in sugar were limited on Friday amid speculation that this week's rally in crude oil prices (CLJ26) to a 3.75-year high will prompt Brazil to boost domestic gasoline prices, which could spur the country's sugar mills to divert more cane crushing toward ethanol production at the expense of sugar.  

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