Raw Sugar Prices Decline on ICE Amid Oil Market Pressure

Raw sugar prices on the ICE exchange experienced another decline on Tuesday, primarily influenced by crude oil prices remaining below $100 per barrel as the market continues to anticipate a resolution to the ongoing conflict. The July raw sugar futures contract dropped by 0.07 cents, or 0.5%, closing at 14.38 cents per pound. Weaker energy prices are generally considered bearish for sugar, as they often incentivize sugarcane mills to prioritize the production of sugar over ethanol. Furthermore, the sugarcane harvest in Brazil is progressing at an accelerated pace. According to Reuters' calculations, based on government data released last week, sugarcane crushing in Brazil's Center-South region reached 42.35 million tons in the first half of May, marking a 1.4% increase compared to the same period in 2025. Concurrently, the most actively traded white sugar contract saw a 0.9% decrease, settling at $445.80 per ton.