Oil prices (finally!) drop; food commodites ominously continue to track oil prices

Crude oil prices dropped on global markets yesterday, falling to $104.48 a barrel at the New York Mercantile Exchange, prompting a  4.3 percent drop to $11.75 per pound for sugar on the ICE Futures exchange. Overall, sugar and oil are both up more than 8 percent this year, and traders say that sugar is now tracking oil, because of the rise of sugarcane ethanol production.

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