Sugar #16 Mar '20 (SDH20)
Sugar #16 Futures Market News and Commentary
Mar NY world sugar #11 (SBH20) this morning is down -0.10 (-0.69%) and Mar London white sugar #5 (SWH20) is down -5.00 (-1.25%).
Sugar prices are moderately lower this morning with NY sugar at a 2-week low and London sugar at a 1-week low. Sugar prices are being undercut by a plunge in crude prices and by weakness in the Brazilian real.
Mar WTI crude oil is down -1.68% today at a 3-1/2 month low. Weaker crude prices undercut ethanol prices and may prompt Brazil's sugar mills to divert more cane crushing to sugar production rather than ethanol production, thus boosting sugar supplies.
The Brazilian real is down -0.97% today at a 1-3/4 month low against the dollar. The weaker real encourages export selling by Brazil's sugar producers.
Sugar prices have rallied sharply over the past three weeks on aggressive fund buying due to the outlook for smaller global sugar supplies. India's Sugar Mills Association reported Jan 17 that sugar production in India, the wo... Read more
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