REPORTS

Barchart - Sugar prices retreated on Monday, with London sugar sliding to a 5-week low after WTI crude oil (CLZ26) plunged more than -7% to a 1.5-week low. Weakness in crude oil undercuts ethanol prices and could prompt the world’s sugar mills to divert more cane crushing to sugar production rather than ethanol, boosting sugar supplies.

Sugar prices are also weighed down by concerns about Brazilian exporter sales when the Brazilian real (^USDBRL) tumbled to a 10.25-month low against the dollar last Monday after President Luiz Inacio Lula da Silva’s surprise victory in the Brazilian presidential election.