According to the report from Barchart, on Thursday, May sugar futures NY #11 (SBK25) closed with a negative change of -0.48 (19.11; -2.45%). Similarly, May futures for London white sugar ICE #5 (SWK25) also closed lower by -9.10 (543.80; -1.65%).
Today, sugar prices significantly declined due to the introduction of retaliatory tariffs announced by President Trump. This led to reduced risk appetite in many markets and raised concerns about the demand for commodities. Additionally, sugar prices were undermined by a significant 6% drop in WTI crude oil prices (CLK25) to a three-week low. Such declines in crude oil prices affect ethanol prices, which may lead to increased sugar production instead of ethanol in global sugar mills, resulting in increased sugar supplies.