Sugar #11 Jul '23 (SBN23)
Sugar #11 Futures Market News and Commentary
May NY world sugar #11 (SBK26) on Thursday closed up +0.15 (+1.11%), and Aug London ICE white sugar #5 (SWQ26) closed up +6.00 (+1.46%).
Sugar prices settled higher on Thursday as a +3% rally in crude oil prices (CLK26) sparked short covering in sugar futures. Â Higher crude prices boost ethanol prices and could prompt global sugar millers to divert more cane crushing toward ethanol production rather than sugar, thus curbing sugar supplies.
On Wednesday, NY sugar sank to a 5.5-year nearest-futures low. Â Sugar prices have been under pressure for the past two weeks amid expectations of abundant global supplies and tepid demand.
Wednesday's expiration of the May London sugar contract saw 472,650 MT of deliveries to settle the contract, the most for a May contract in 14 years, a sign of tepid sugar demand. Â Â
The outlook for the global sugar surplus to persist is weighing on prices. Â On February 11, analysts from sugar trader Czarnikow said they expect a global s... Read more
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May NY world sugar #11 (SBK26 ) on Thursday closed up +0.15 (+1.11%), and Aug London ICE white sugar #5 (SWQ26 ) closed up +6.00 (+1.46%). Sugar prices...
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