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Barchart
Rich Asplund

Weakness in Crude Oil Weighs on Sugar Prices

Oil India Thailand El Nino Brazil USDA

March NY world sugar #11 (SBH24) on Wednesday closed -0.38 (-1.38%), and Dec London ICE white sugar #5 (SWZ23) closed -3.40 (-0.45%).

Sugar prices Wednesday closed moderately lower and were under pressure from a slump in crude oil prices.  On Wednesday, WTI crude (CLZ23) fell more than -2% to a 3-1/2 month low, which undercuts ethanol prices and may prompt global sugar mills to divert more cane crushing toward sugar production than ethanol, thus boosting sugar supplies.

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