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Barchart
Rich Asplund

Sugar Prices Tumble as Crude Oil Plunges

Oil India USDA ISO Thailand Covrig Analytics FAs ISMA

July NY world sugar #11 (SBN26) today is down -0.15 (-1.06%), and Aug London ICE white sugar #5 (SWQ26) is down -2.10 (-0.47%).

Sugar prices fell sharply to 1-week lows today amid weakness in crude oil prices. WTI crude oil (CLN26) is down more than -5% at a 7-week low today, which undercuts ethanol prices and could potentially prompt the world’s sugar mills to divert more cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.

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