Sugar’s up big this morning. I can’t find any news justifying or even commenting on the reason for the move.
I know funds had been moving some money over to the sugar market, as it is being more heavily weighted on a few commodity indexes.
Regardless, sugar has some room to run. It neared the 20 cent mark a couple of years back, I believe its destined to but through that mark at some point. Even at 12 cents, sugar is quite cheap relative to a barrel of oil (thus the incentive to turn sugar into ethanol is quite high).