May NY world sugar #11 (SBK25) today is down -0.12 (-0.64%), and May London ICE white sugar #5 (SWK25) is down -3.90 (-0.72%).
Sugar prices today are moderately lower, with NY sugar falling to a 4-week low. Global trade war fears have prompted a rout in equity markets and sparked risk-off sentiment in asset markets, undercutting sugar prices. Also, today's fall in WTI crude oil (CLK25) to a 4-year low is bearish for sugar prices. Weakness in crude prices undercuts ethanol prices, which may prompt the world's sugar mills to divert more cane crushing to sugar production rather than ethanol, thus boosting sugar supplies.
