Raw Sugar Update

V5 opened at 16.34 and began the session with relatively range-bound trading, briefly testing a low of 16.32 in the late morning. Through the midday period, prices gradually firmed, with buyers stepping in and lifting the market above the 16.45 level. Momentum picked up in the latter part of the session, pushing prices to the day’s high of 16.58, reflecting increased buying activity. The market ultimately closed at 16.54, near the session’s peak, indicating sustained upward pressure and a positive tone heading into the next trading day. 

Raw Sugar No.11 (SB) – ICE Futures US Softs
Month Open High Low Sett Chg Last Vol O/I
Oct’25 16.34 16.58 16.32 16.49 0.24 16.54 55,401 384,217
Mar’26 17.01 17.21 16.96 17.13 0.21 17.17 28,596 237,056
May’26 16.73 16.88 16.69 16.82 0.16 16.86 11,891 98,769
Jul’26 16.63 16.74 16.58 16.68 0.12 16.70 6,520 68,907
Oct’26 16.81 16.94 16.79 16.87 0.08 16.88 3,568 44,302
Mar’27 17.30 17.44 17.30 17.36 0.07 17.36 1,508 24,808
May’27 17.03 17.10 16.97 17.02 0.05 17.03 514 12,431
Jul’27 16.89 16.96 16.83 16.88 0.04 16.89 239 11,830
Oct’27 17.02 17.05 16.94 16.99 0.03 17.00 85 9,124
Mar’28          –              –              –   17.36 0.02 17.34 8 1,839
May’28          –              –              –   17.04 0.02 16.89 23 708
                 
Total             108,353 893,991

White Sugar Update

The V5 whites contract opened the session at 473.80 and quickly saw early selling pressure, with prices trending lower through the morning. This weakness extended until the market reached its intraday low of 469.80 by late morning, marking a drop of $4/mt from the open. From there, sentiment shifted as buying interest emerged, prompting a steady recovery. The rebound was gradual but consistent, with prices consolidating around the mid-472–473 range before breaking higher in the afternoon. Strength built into the later hours, supported by firm upward momentum and higher buying volumes, which pushed the market to its session high of 477.50, a level not seen earlier in the day. Although some potential minor profit-taking followed this peak, the market maintained most of its gains, closing strong at 476.00. The close near the top of the day’s range highlights a decisive shift from early bearish pressure to sustained bullish control into the session’s end.

White Sugar No.5 (QW) – ICE Futures Europe Commodities
Month Open High Low Sett Chg Last Vol O/I
Oct’25 473.80 477.50 469.80 474.90 3.60 476.00 6,552 55,166
Dec’25 465.30 470.00 463.40 468.40 4.10 469.60 3,322 36,055
Mar’26 469.80 473.50 467.90 472.40 4.00 473.50 1,377 19,496
May’26 472.60 473.90 469.60 473.10 3.60 473.90 371 6,766
Aug’26 473.30 473.70 470.60 472.80 2.80 473.40 241 5,013
Oct’26 474.30 474.80 473.00 474.10 2.20 474.50 28 2,849
Dec’26 477.00 477.00 476.90 477.40 1.70 476.90 5 1,925
Mar’27 481.90 483.00 481.90 482.40 1.50 483.00 5 775
May’27          –              –              –   484.10 1.50 477.60            –   205
Aug’27          –              –              –   484.80 1.50 479.60            –   238
Oct’27          –              –              –   485.20 1.50 478.80            –   130
Dec’27          –              –              –   485.40 1.50            –   12
Mar’28          –              –              –   485.50 1.50            –                –  
May’28          –              –              –   485.50 1.50            –                –  
Total             11,901 128,630
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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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