Sugar #11 Oct '18 (SBV18)
Sugar #11 Futures Market News and Commentary
Jul NY world sugar #11 (SBN20) on Thursday closed up +0.11 (+0.95%) and Aug London white sugar #5 (SWQ20) closed up +9.20 (+2.45%).
Sugar prices on Thursday extended this week's rally with NY sugar at a 2-1/2 month high and London sugar at a 3-month high. A slump in the dollar index to a 2-1/2 month low on Thursday boosted the prices of most commodities, including sugar. Sugar prices also have carry-over support from Wednesday when crude oil rallied to a fresh 3-month high. The strength in crude benefits ethanol prices and may prompt Brazil's sugar mills to divert more cane crushing to ethanol production rather than sugar production, thus reducing sugar supplies.
A negative factor for sugar was Wednesday's data from French sugar producer Tereos that total European sugar demand fell -10% during the coronavirus lockdowns, with beverage consumption down -25% and festive chocolate consumption down -27%. Tereos also said that European ethanol demand fell -10% in March and -... Read more
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