Crude oil declines drag raw sugar down to a four-week low of 14.33 cents, while cocoa bucks the trend, surging 2.8% to extend its strong performance.

⑴ Raw sugar futures fell to a four-week low on Wednesday, with the main contract touching 14.33 cents per pound during the session and eventually closing down 1.2% at 14.36 cents per pound. Traders indicated that the decline in the crude oil market is putting downward pressure on sugar prices, as lower energy prices may prompt mills to divert more sugarcane toward sugar production instead of biofuel ethanol. The market is awaiting sugar and ethanol production data for the second half of April from the Central-South region of Brazil, which is due to be released later Wednesday. White sugar futures fell in tandem, down 1.6% to $430.10 per ton.⑵ London cocoa futures continued their recent strong performance, rising 2.8% on Wednesday to £3,241 per ton, having already recorded a 10.2% gain in the previous trading day. Traders noted that the price chart is looking increasingly bullish, but an improved production outlook in Côte d'Ivoire remains a bearish factor. New York cocoa futures rose 3.7% to $4,323 per ton.⑶ Arabica coffee futures rose 0.5% to $2.7530 per pound, with traders saying that roaster buying in recent days has supported prices. Robusta coffee futures edged down 0.3% to $3,368 per ton.