
May NY world sugar #11 (SBK26) today is up +0.61 (+4.32%), and Aug London ICE white sugar #5 (SWQ26) is up +11.90 (+2.75%).
Sugar prices are sharply higher today, with NY sugar posting a 3-week high and London sugar posting a 4-week high. Strength in gasoline prices is supportive for sugar, as gasoline (RBM26) surged to a 3.75-year high today, boosting ethanol prices and potentially persuading the world's sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.