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Barchart
Barchart
Rich Asplund

Sugar Slumps on Dollar Strength and Weakness in Crude

India London Brazil Thailand the Indian Sugar and Bioenergy Manufacturers Association USDA

March NY world sugar #11 (SBH25) today is down -0.37 (-1.70%), and December London ICE white sugar #5 (SWZ24) is down -5.00 (-0.90%).

Sugar prices today dropped to 1-3/4 month lows on dollar strength and weakness in crude.  The dollar index (DXY00) today rallied to a 4-1/4 month high, which undercuts most commodity prices including sugar.  Also, WTI crude oil (CLZ24) today is down more than -3% to a 1-1/2 week low, which 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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