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Rich Asplund

Sugar Supported by Higher Crude Oil Prices

crude oil Oil India Brazil Ethanol London Thailand NY the Indian Sugar and Bioenergy Manufacturers Association USDA

March NY world sugar #11 (SBH25) today is up +0.10 (+0.45%), and December London ICE white sugar #5 (SWZ24) is up +2.30 (+0.41%).

Sugar prices today are moderately higher, supported by strength in crude oil. WTI crude (CLX24) is up more than +3% today, which benefits ethanol prices and may prompt the world's sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.

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