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Barchart
Rich Asplund

Weakness in Crude Oil Weighs on Sugar Prices

India USDA crude oil Oil ISO Brazil Deficit Ethanol FAs London

July NY world sugar #11 (SBN26) on Monday closed down -0.02 (-0.15%), and Aug London ICE white sugar #5 (SWQ26) closed down -2.20 (-0.49%).

Sugar prices were under pressure on Monday, with NY sugar falling to a 1.75-month low and London sugar falling to a 2.5-week low. Monday’s -5% plunge in WTI crude oil (CLN26) undercuts ethanol prices and may prompt the world’s sugar mills to divert more cane crushing toward sugar production rather than ethanol, thus boosting sugar supplies.

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