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Barchart
Barchart
Rich Asplund

Surging Crude Oil Lifts Sugar Prices

October NY world sugar #11 (SBV26) today is up +0.47 (+3.25%), and October London ICE white sugar #5 (SWV26) is up +16.70 (+3.67%).

Sugar prices are moving sharply higher today, with London sugar posting a 1-week high. Soaring crude oil prices today have spurred short covering in sugar futures. WTI crude oil (CLQ26) is up more than +3% today at a 1-month high, which benefits ethanol prices and could potentially prompt global sugar mills to divert more cane crushing toward ethanol production than sugar, thus curbing sugar supplies.

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