Sugar futures rallied on Wednesday due to strong oil prices, which could prompt top producer Brazil to funnel more cane into ethanol and further exacerbate already tight supplies in the market. US cocoa futures rumbled to a strong close within sight of a 32-year high, recovering strongly one session after prices crashed more than 11 percent.
New York's May raw sugar contract soared 1.12 cents or 3.83 percent to close at 30.38 cents per lb. London's May white sugar futures gained $27.10 to finish at $760.50 per tonne. New York's May cocoa contract rose $44 to close at $3,664 per tonne, shy of the 32-year settlement high at $3,695 and the intraday top of $3,712. New York's May arabica coffee futures rose 0.25 cent to trade at $2.6955 per lb.