Daily Market Price Updates and Commentary 10th July 2025

Raw Sugar Update

There was another wide opening range this morning, but it was soon the sellers that were dominating proceedings as they sold Pct’25 down to 16.28. With the initial choppiness giving was to lower volumes and a degree of calm the market then settled down to spend the morning flitting about within the 16.30’s, lower values overall but still maintaining a portion of yesterday’s gain as it looks to continue building away from last weeks 15.44 low. Volume picked up a little during the afternoon as the market duly looked outside of the 16.30’s in both directions, however interest soon waned, and we returned to the 16.30’s for a repeat of the tiresome morning pattern. Spreads were also quiet with Oct’25/March’26 moving no more than a couple of points in from -0.66 throughout the day, and here too volume was light. There was a push back down to the lows ahead of the close, which in turn drew in some more selling and resulted in session lows being recorded at 16.22. Settlement was reached at 16.26, a poor showing in context of yesterdays effort but one which does at least maintain the recovery/consolidation above 16c.

White Sugar Update

The optimism of last night’s positive close evaporated as Oct’25 started the day $5 lower, and though some buying followed and pulled the price back to $478.30 the recovery stalled, and we soon slid back down. The biggest issue facing longs was the lack of any fresh buying, and so through the morning any significant selling/long liquidation had quite an impact. Oct’25 had fallen to $469.00 as we reached the end of the morning with the Oct/Oct’25 value beneath $110.00 as a result, and while some buying followed and drew the price back up through the range through the afternoon, the movement never felt truly convincing. Oct’25 did touch to $477.70 before again turning lower, but as with the earlier movements we saw buyers vanish quiet quickly. Prices remained within the range until the final 30-minutes at which stage the latest light, but aggressive burst of selling sent the market down to new daily lows of $468.50 and leave the market looking shaky heading onto the call. Shrot covering followed across the 2-minute window and so settlement was made away from the low at $472.20, not a great showing but one which could have been worse. Aug/Oct’25 continues to play the same band heading towards Wednesday expiry and ended the day down slightly at $10.30, while the Oct/Oct’25 white premium was valued at $113.70 due to the late flat price covering.