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Rich Asplund

Weakness in Crude Oil Weighs on Sugar Prices

Thailand Brazil India Conab London NY Unica USDA

July NY world sugar #11 (SBN24) this morning is down -0.01 (-0.05%), and Aug London ICE white sugar #5 (SWQ24) is up +1.00 (+0.18%).

Sugar prices this morning are little changed. Weakness in crude prices (CLM24) is weighing on sugar. Crude prices fell to a 6-week low today, which weighs on ethanol prices and may prompt global sugar mills to divert more cane crushing to sugar production instead of ethanol, thus boosting sugar supplies.

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