REPORTS

Barchart - Sugar prices Tuesday extended Monday's decline to 2-week lows. Tuesday's -4% selloff in WTI crude oil (CLV24) to a 16-month low weighed on sugar prices. Weaker crude oil prices undercut ethanol prices and may prompt the world's sugar mills to divert more cane crushing to sugar production rather than ethanol, thus boosting sugar supplies.

Losses in sugar accelerated Tuesday when Maxar Technologies forecasted that showers will pass over the southern portions of Center-South Brazil in the next six to ten days, which should benefit Brazil's sugar crops.