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Barchart
Rich Asplund

Surging Crude Oil Pushes Sugar Prices Higher

Oil India ISMA ISO FAs London USDA

May NY world sugar #11 (SBK26) today is up +0.10 (+0.70%), and May London ICE white sugar #5 (SWK26) is up +0.50 (+0.12%).

Sugar prices are moving higher today but remain below Mondays' 2-month highs.  Today's +8% surge in crude oil prices (CLJ26) is supporting sugar.  Higher crude oil prices support ethanol prices, encouraging the world's sugar mills to divert cane crushing toward ethanol production rather than sugar, thereby reducing sugar supplies.

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