Sugar Prices Rise Sharply Amid Surge in Gasoline Prices
Sugar prices rose sharply on Wednesday, with New York and London sugar contracts hitting multi-week highs. The increase is attributed to rising gasoline prices, which have boosted ethanol demand and may lead sugar mills to prioritize ethanol production over sugar, reducing sugar supply. Brazil's sugar output is expected to decline slightly, while ethanol production is projected to rise.
Topics: Brazil sugar output commodity markets ethanol production gasoline prices sugar prices