Bearish
Raw sugar futures decline to 17.88 cents per lb as oil prices drop
In the past 24 hours, raw sugar futures have decreased by 0.3%, settling at 17.88 cents per pound. This decline is attributed to falling crude oil prices, which reduce the profitability of producing ethanol from sugarcane, leading mills in major producing countries like Brazil and India to shift focus back to sugar production.
Key points
- Raw sugar futures drop 0.3% to 17.88 cents per lb due to lower oil prices
- EU sugar beet harvest faces challenges amid heatwaves and drought
- White sugar futures ease, but EU beet economics remain supportive
Sources
AI-generated from public news sources. Not financial advice.
