Raw Sugar Update
Yesterday’s weaker performance brought out some early buying which pushed March;’26 up to 14.78 initially, and after some mixed trading sent the price back to 14.66, we settled down to trade within this band. No additional movement followed through the morning, but with the selling that had weighed heavily upon the market yesterday now absent the market found itself positioned at the upper end of this band as we awaited to the US morning and any reaction. One duly followed in quick time, and it served to reverse yesterday’s losses with traders taking cover against shorts and bidding the spot back up to 14.97, placing the grower-based resistance above 15.00 back into focus. Through the afternoon the market found ongoing support to maintain the gains, extending as far as 15.02 but running out of steam on each occasion as the size of selling impacted the situation. The rally drew some gain for the nearby spreads with March/May’26 reaching 0.43 points and May/Jul’26 trading to 0.05 points, positive moves though within recent parameters. Settlement arrived at 14.91 and places us back into familiar ground following last night’s brief sojourn.
| Raw Sugar No.11 (SB) – ICE Futures US Softs | ||||||||
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| Mar’26 | 14.70 | 15.02 | 14.66 | 14.91 | 0.24 | 14.90 | 68,134 | 454,601 |
| May’26 | 14.31 | 14.59 | 14.28 | 14.49 | 0.19 | 14.47 | 19,831 | 195,537 |
| Jul’26 | 14.31 | 14.55 | 14.26 | 14.46 | 0.17 | 14.44 | 12,295 | 105,378 |
| Oct’26 | 14.67 | 14.84 | 14.58 | 14.76 | 0.15 | 14.75 | 5,141 | 75,410 |
| Mar’27 | 15.35 | 15.50 | 15.25 | 15.43 | 0.15 | 15.40 | 2,838 | 50,183 |
| May’27 | 15.20 | 15.34 | 15.09 | 15.26 | 0.13 | 15.24 | 1,459 | 20,669 |
| Jul’27 | 15.10 | 15.33 | 15.10 | 15.27 | 0.13 | 15.25 | 1,001 | 14,944 |
| Oct’27 | 15.33 | 15.58 | 15.33 | 15.51 | 0.13 | 15.48 | 676 | 14,587 |
| Mar’28 | 15.96 | 16.12 | 15.91 | 16.07 | 0.13 | 16.04 | 118 | 4,897 |
| May’28 | – | – | – | 15.89 | 0.12 | 15.79 | 29 | 2,548 |
| Jul’28 | 15.87 | 15.87 | 15.84 | 15.86 | 0.11 | 15.84 | 16 | 2,283 |
| Total | 111,538 | 941,037 | ||||||
White Sugar Update
The day started with some calm trading near to overnight levels, however a spike back up to $423.10 followed soon afterwards to muddle the situation somewhat given the negative nature of yesterday’s performance. Though the rest of the morning did not see any additional gain, the nature of the consolidation suggested that there was more confidence being shown, implying that traders are increasingly viewing sessions individually with even less credence being paid to the bigger picture as the market flits around. Around noon we started to extend the band upwards, and with it the values for nearby spread and white premium combinations, as the price moved through to new highs for this week. Remaining buoyant through the afternoon we saw session highs recorded at $427.80 across a series of small trader buying/liquidation waves, The result of which was a close at the upper end of the range. The same was true for March/May’26 as it reached $4.00, while Narch/March’26 was valued at $97.50 heading into the close, away from its $99 daily high but still much firmer. March’26 settled at $426.10, a positive showing though in context of recent chart signals not one to inspire any aggressive fresh interest with much distance still to cover if it is to look back towards the late November high.
| White Sugar No.5 (QW) – ICE Futures Europe Commodities | ||||||||
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| Mar’26 | 419.20 | 427.80 | 418.60 | 426.10 | 7.30 | 425.60 | 6,270 | 77,694 |
| May’26 | 416.00 | 423.80 | 415.50 | 422.70 | 7.00 | 422.40 | 3,551 | 31,258 |
| Aug’26 | 412.60 | 419.00 | 411.50 | 418.20 | 6.60 | 417.50 | 830 | 17,078 |
| Oct’26 | 411.50 | 417.70 | 411.20 | 417.20 | 5.90 | 416.30 | 385 | 6,815 |
| Dec’26 | 414.40 | 420.00 | 414.40 | 419.50 | 5.10 | 418.60 | 247 | 2,848 |
| Mar’27 | 421.30 | 423.70 | 418.70 | 423.00 | 3.90 | 422.60 | 222 | 2,857 |
| May’27 | 424.50 | 425.70 | 421.20 | 425.00 | 2.40 | 425.10 | 89 | 1,071 |
| Aug’27 | 427.10 | 427.80 | 423.80 | 427.00 | 1.00 | 426.90 | 228 | 798 |
| Oct’27 | 428.00 | 428.10 | 426.80 | 429.40 | 0.30 | 427.80 | 27 | 623 |
| Dec’27 | 432.40 | 432.50 | 431.90 | 434.00 | 0.20 | 432.50 | 8 | 404 |
| Mar’28 | 439.30 | 439.50 | 438.20 | 440.60 | 0.40 | 439.50 | 32 | 221 |
| May’28 | – | – | – | 444.90 | 0.40 | – | – | 146 |
| Aug’28 | – | – | – | 447.60 | 0.40 | – | – | – |
| Oct’28 | – | – | – | 450.00 | 0.40 | – | – | – |
| Total | 11,889 | 141,813 | ||||||
