Global sugar prices rose yesterday as oil prices climbed above $119 per barrel. This is due to ongoing supply disruptions caused by the war in the Middle East, sparking fears that Brazilian sugar mills will produce more ethanol and less sugar. Raw sugar futures on the ICE exchange rose 2.1% to 14.40 cents per pound, after earlier rising about 3%. At the same time, white sugar futures rose 2.4% to $424.30 per ton. Alberto Peshotto, a manager at the brokerage and consulting firm A.P. Commodities, stated that the demand for ethanol is growing, supported by the significant increase in crude oil prices, which have more than doubled since the beginning of the year.
