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Barchart
Barchart
Rich Asplund

Sugar Rallies on Strength in Crude Prices

Oil Thailand India Brazil India Meteorological Department ISO the International Sugar Organization Unica USDA

July NY world sugar #11 (SBN24) on Wednesday closed up +0.31 (+1.65%), and Aug London ICE white sugar #5 (SWQ24) closed up +8.30 (+1.52%).

Sugar prices Wednesday posted moderate gains and found support on strength in crude oil prices.   Crude oil (CLN24) Wednesday rallied to a 1-1/2 week high, which benefits ethanol prices and may prompt global sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.  

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