#ChartOfTheDay: sugar vs Brent

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📊 #ChartOfTheDay: sugar just broke up with crude.

For most of the spring, sugar No. 11 and Brent moved almost in lockstep: the ethanol arbitrage tied them together while oil carried a great geopolitical risk premium.

That link just snapped.

Today Brent fell 2.2% to $71.31/bbl, while sugar jumped 4.5% to 14.99 c/lb. Straight in opposite directions.

The new driver isn’t oil; it’s weather. El Niño and conditions across Europe are back in control and sugar is finally trading on its own fundamentals again.

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