Futures contracts of raw sugar on the ICE recovered today after as prices of the sweetener were nearing ethanol parity. A fall in sugar prices incentivises millers to shift to ethanol production instead of sugar. Millers in key cane-producing countries like Brazil have a choice between producing sugar or ethanol. Most-active July raw sugar contract had fallen to a 12-month low of 15.24 cents per pound. July contract was up 0.7% at 15.49 cents per pound.