Sugar #5 Oct’21

With No.11 closed for a US holiday there was little excitement to be found in the market this morning with the only volume of any note being seen against the Oct/Dec’21 spread as traders look to move hedges forward ahead of next week’s Oct’21 contract expiry. Despite the limited flat price interest the market did move higher on the back of this spread activity during the early stages with Oct’21 trading as high as $488.50 as the spread was pushed up from an overnight -$21.60 to trade to -$19.20. Ordinarily this may have provided the basis from which to try to recoup more of last Friday’s lost ground however the sense of apathy meant that it was not to be and instead we simply bobbed about within the range, slipping back beneath unchanged levels mid-session and then picking back up as we moved through the afternoon. That was pretty much it as we remained toward the centre of the range approaching the close, and though there was a bit of volatility during the final 10 minutes we remained only moderately higher with Oct’21 settling at $486.70.

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ICE Futures U.S. Sugar No.11 Contract  

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ICE Europe Whites Sugar Futures Contract  

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Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

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