Insight Focus
The May’25 raw sugar futures expired last week. Commercial participants have closed out their positions. The refined sugar futures forward curve has weakened across the board.
New York No.11 Raw Sugar Futures
The raw sugar futures started at a high of 17.6c/lb on Monday before the May’25 contract expired at 17.46c/lb on Wednesday. The raw sugar futures then traded around 17.2c/lb for the remainder of the week before closing at 17.5c/lb on Friday.
Commercial participants have been the more active party over the past week as both producers and end-users closed out many of their positions before Wednesday’s expiry. Producers have closed out 15.8k lots of short positions while end-users have reduced their position by 16.9k lots of longs.
No.11 Commitment of Traders Report (April 29, 2025)
Speculators have closed out 1.8k lots of long positions and just 64 lots of short positions. The net-short position currently stands at -46.5k lots.
No.11 Open interest
The No. 11 forward curve has weakened between March’26 and May’27.
London No.5 Refined Sugar Futures
The refined sugar futures started trading at USD 496.8/tonne on Monday before trading lower between USD 492.8-493.8/tonne until Wednesday and eventually closing at USD 489.7/tonne on Friday.
No.5 Open Interest
The No.5 refined sugar futures curve has weakened across the board.
White Premium (Arbitrage)
The Q/N white premium traded between USD 97.8-100.7/tonne until Thursday, and closed lower at USD 96.8/tonne by Friday.
For a more detailed view of the sugar futures and market data, please refer to the appendix below.
No.11 (Raw Sugar) Appendix
No.5 (White Sugar) Appendix
White Premium Appendix
