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Barchart
Rich Asplund

Surging Crude Oil Supports Sugar Prices

Oil India ISMA ISO Brazil Thailand FAs London USDA

May NY world sugar #11 (SBK26) today is up +0.42 (+3.06%), and May London ICE white sugar #5 (SWK26) is up +9.30 (+2.29%).

Sugar prices are sharply higher today amid soaring crude oil prices.  WTI crude oil (CLJ26) surged more than +11% today to a 2.25-year high, which benefits ethanol prices and could 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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