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.