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Barchart
Barchart
Rich Asplund

Sugar Prices Undercut as Crude Oil Sinks

July NY world sugar #11 (SBN26) today is down -0.04 (-0.29%), and Aug London ICE white sugar #5 (SWQ26) is down -3.00 (-0.67%).

Sugar prices are under pressure today, with NY sugar falling to a 1.75-month low and London sugar falling to a 2.5-week low. Today’s -5% plunge in WTI crude oil (CLN26) undercuts ethanol prices and may 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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