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Stock impact report

Crude Oil Strength Sparks Short Covering in Sugar [Yahoo! Finance]

StoneX Group Inc. (SNEX) 
Company Research Source: Yahoo! Finance
Sugar prices are moving higher today as a +2% rally in crude oil price (CLK26) sparked short covering in sugar futures. 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. More News from Barchart Arabica Coffee Slips on Brazil Coffee Crop Optimism Hedge Selling Weighs on Cocoa Prices Smaller Brazil Coffee Exports Underpin Prices Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. On Wednesday, NY sugar sank to a 5.5-year nearest-futures low. 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 settle the contract, the most for a May contract in 14 years, a sign of tepid demand. The outlook Show less Read more
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