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Barchart
Barchart
Rich Asplund

Sugar Prices Weighed Down by a Slump in Crude Prices

July NY world sugar #11 (SBN24) this morning is down -0.21 (-1.08%), and Aug London ICE white sugar #5 (SWQ24) is down -2.20 (-0.39%).

Sugar prices this morning are moderately lower.  Today's -3% slump in crude prices (CLM24) to a 1-1/2 month low is undercutting sugar prices.  The weakness in crude oil weighs on ethanol prices and may prompt global sugar mills to divert more cane crushing to sugar production instead of ethanol, thus boosting sugar supplies.

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