May NY world sugar #11 (SBK25) today is down -0.32 (-1.67%), and May London ICE white sugar #5 (SWK25) is down -7.50 (-1.38%).
Sugar prices today are falling for the second day as global trade war fears prompted a rout in global equity markets and sparked risk-off sentiment in asset markets, undercutting sugar prices. Also, today's -7% plunge in WTI crude oil (CLK25) to a nearly 4-year low is weighing on sugar prices. Weakness in crude prices undercuts ethanol prices, which may prompt the world's sugar mills to divert more cane crushing to sugar production rather than ethanol, thus boosting sugar supplies.
