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Barchart
Barchart
Rich Asplund

HISTORICAL FACTS: Soaring crude oil prices boost sugar prices - Caught on Camera

May NY world sugar #11 (SBK26) today is up +0.06 (+0.43%), and May London ICE white sugar #5 (SWK26) is up +1.70 (+0.41%).

Sugar prices are moving higher today, supported by surging crude oil prices.  WTI crude (CLJ26) is up more than +6% today to an 8.5-month high, which benefits ethanol prices and may prompt the world's sugar producers to divert more cane crushing toward ethanol production rather than sugar, thus reducing sugar supplies.  Gains in sugar are limited due to today's rally in the dollar index ($DXY) to a 3.25-month high.

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