Sugar #11 Mar '29 (SBH29)
Sugar #11 Futures Market News and Commentary
October NY world sugar #11 (SBV26) today is up +0.47 (+3.25%), and October London ICE white sugar #5 (SWV26) is up +16.70 (+3.67%).
Sugar prices are moving sharply higher today, with London sugar posting a 1-week high. Soaring crude oil prices today have spurred short covering in sugar futures. WTI crude oil (CLQ26) is up more than +3% today at a 1-month high, which benefits ethanol prices and could potentially prompt global sugar mills to divert more cane crushing toward ethanol production than sugar, thus curbing sugar supplies.Â
On Thursday, sugar prices tumbled to 3-week lows amid an improvement in India’s monsoon rains. India’s Meteorological Department reported today that India’s cumulative monsoon rainfall was 24% below normal as of July 17, a substantial improvement from 42% below normal on June 30.
An excessively long position in London ICE sugar by funds can exacerbate any price downturn. Last Friday’s weekly Commitment of Traders (COT) data showed fun... Read more
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October NY world sugar #11 (SBV26 ) today is up +0.47 (+3.25%), and October London ICE white sugar #5 (SWV26 ) is up +16.70 (+3.67%). Sugar prices are...
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