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7.4.21 17:35_Sugar11_LONG

Sugar 11 Long. NY Sugar continues to extend its weekly high in response to stronger oil and the Brazilian real. Oil rose more than 1% on Tuesday, which is favorable for ethanol prices and may encourage Brazilian sugar factories to divert more cane towards ethanol production than sugar production, reducing sugar supplies. The Brazilian real climbed + 1.22% to a ten-day high against the dollar on Tuesday, which has a negative effect on the motivation of Brazilian sugar producers to sell for export. In addition, there are increasing reports that the total precipitation in growing areas is currently only 30% compared to the long-term five-year average.

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