REPORTS

Barchart - Sugar prices rallied on Friday, with NY sugar hitting a 5-month high.  

Soaring gasoline prices are boosting ethanol prices and are bullish for sugar. Gasoline (RBJ26) rose more than +5% on Friday to a 3.5-year high, which may encourage the world's sugar mills to increase ethanol production at the expense of sugar. Sugar prices are also finding support amid supply disruptions from the closure of the Strait of Hormuz. According to Covrig Analytics, the closure of the strait has curbed approximately 6% of the world's sugar trade, constraining refined sugar output.