Raw Sugar Update

The session opened at 16.02, matching the early low, before buyers stepped in to push prices gradually higher through the morning. Gains accelerated after midday, with the market breaking past 16.20 and extending to a current high of 16.35. Trading has since steadied just below the highs, with price action holding in the upper range of the day, suggesting underlying buying interest. From 5 pm onwards market traded sideways to settle at 16.25, up 24 points from previous settlement. V5H6 spread remained unchanged at -0.67. Volume traded was 42.5k lots.

Raw Sugar No.11 (SB) – ICE Futures US Softs
Month Open High Low Sett Chg Last Vol O/I
Oct’25 16.02 16.35 16.02 16.25 0.24 16.27 44,307 386,655
Mar’26 16.69 16.99 16.69 16.92 0.24 16.93 21,997 234,882
May’26 16.45 16.71 16.43 16.66 0.23 16.66 8,237 97,613
Jul’26 16.37 16.61 16.35 16.56 0.20 16.55 4,604 69,161
Oct’26 16.62 16.83 16.62 16.79 0.19 16.78 2,545 44,138
Mar’27 17.15 17.33 17.15 17.29 0.17 17.28 1,608 24,564
May’27 16.84 17.00 16.84 16.97 0.15 16.96 489 12,440
Jul’27 16.81 16.86 16.80 16.84 0.13 16.83 355 11,842
Oct’27 16.94 16.96 16.91 16.96 0.11 16.95 214 9,160
Mar’28 17.30 17.34 17.30 17.34 0.11 17.34 28 1,839
May’28          –              –              –   17.02 0.10 16.89 1 708
                 
Total             84,385 893,002

White Sugar Update

The market opened at 463.50, immediately touching its intraday low in early trading. Initial price action was stable, but buyers soon stepped in, driving a steady rally through the morning. Gains accelerated after breaching the 466–467 resistance area, triggering possible momentum buying and pushing prices above 470. Mid-session saw the market peak at 472.60, marking the day’s high. Following the peak, prices moved into a sideways consolidation phase, holding close to the upper range rather than giving back gains. Settlement price was 471.3 a $8.8 up change. V5Z5 Arb went up to 106.31.

White Sugar No.5 (QW) – ICE Futures Europe Commodities
Month Open High Low Sett Chg Last Vol O/I
Oct’25 463.50 472.60 463.50 471.30 8.80 471.70 8,242 55,111
Dec’25 458.00 465.20 456.80 464.30 7.90 465.00 4,473 35,245
Mar’26 462.40 469.30 461.60 468.40 7.10 468.70 2,681 19,277
May’26 464.60 470.30 463.80 469.50 6.40 469.50 524 6,657
Aug’26 465.70 470.80 465.70 470.00 5.60 469.80 188 4,945
Oct’26 470.10 472.80 469.50 471.90 4.80 471.80 37 2,826
Dec’26 476.60 476.60 476.40 475.70 4.20 476.40 5 1,926
Mar’27          –              –              –   480.90 3.90 478.40            –   775
May’27          –              –              –   482.60 3.50 477.60            –   205
Aug’27          –              –              –   483.30 3.00 479.60 1 238
Oct’27          –              –              –   483.70 3.00 478.80            –   130
Dec’27          –              –              –   483.90 3.00 –            –   12
Mar’28          –              –              –   484.00 3.00 –            –                –  
May’28          –              –              –   484.00 3.00 –            –                –  
Total             16,151 127,347
A man with short brown hair and glasses, wearing a light striped shirt, is smiling and looking slightly to the left in an indoor setting. Other people are blurred in the background.

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.

More from this author