
July NY world sugar #11 (SBN25) Thursday closed up +0.37 (+2.16%), and August London ICE white sugar #5 (SWQ25) closed up +9.50 (+1.96%).
Sugar prices Thursday settled moderately higher as a +3% rally in WTI crude oil (CLM25) sparked short covering in sugar futures. Higher crude prices benefit ethanol and could prompt the world's sugar mills to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.