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Barchart
Barchart
Rich Asplund

Sugar Rallies on Strength in Crude and a Possible Reduction in Sugar Imports from Mexico

Mexico India London NY Thailand El Nino Ethanol United States USDA

May NY world sugar #11 (SBK24) this morning is up +0.38 (+1.71%), and May London ICE white sugar #5 (SWK24) is up +10.50 (+1.63%).

Sugar prices this morning are moderately higher, with NY sugar posting a 1-month high and London sugar posting a 1-1/2 month high.  Today's rally in crude prices (CLK24) to a 1-week high is bullish for sugar.  Strength in crude prices benefits ethanol prices and may prompt global sugar mills to divert more cane crushing toward ethanol production than sugar, thus curbing sugar supplies.

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