Daily Market Price Updates and Commentary 11th June 2025

Raw Sugar Update

The market immediately wobbled as traders reacted to yesterday’s uncertain ending with more selling to quickly place Jul’25 within 0.02 points of its lows at 16.34. Something of a stalemate then developed as specs looked to maintain the pressure which selling only minimal volume while consumer scales provided support, the upshot of which was a market which held the early 16.34 low yet struggled to climb back above 16.40. It was only as noon approached that some short covering did bring the price up further into the 16.40’s, bringing through a little more buy side interest as the US morning got underway. The price stabilized into the 16.50’s as some continued light buying combined with short covering through the early afternoon, though by now proceedings were once again being dominated by the index roll. Their selling sent Jul/Oct’25 to a lowest -0.41 points during the early afternoon but did not damage the flat price recovery too badly and the market was able to hold on to a net credit. This credit was eroded for the spot during the later which left Jul’25 tracking near to overnight levels ahead of the close, with spread pressure continuing to be the main obstacle and hindering the flat price. After some toing and froing the day ended with a choppy close and Jul’25 sold down by shorts to end the day at 16.42 while Jul/Oct’25 settled at -0.39 points following another bumper volume. 

White Sugar Update

Aug’#25 dropped down to $465.00 as we opened, but finding support from downside consumer pricing we then moved to consolidate and spent the next couple of hours holding quietly just ahead of this level. The most positive thing in the market this week has been the relative stability of Aug’25 spreads and premium, and with both looking to move higher through the morning the market gradually found some outright support to move back into credit. The steady price increase continued through into the early afternoon and took Aug’25 back above $470.00 but there was more to come as the white drove ahead to $476.00 by the middle of the afternoon and left No.11 trailing in its wake. This had a stark impact upon the premiums which were now trading up to $110.00 for Aug/Jul’25 and $94.50 for Oct/Oct’25, values which belie the weak technical picture and provide more encouragement to those looking for the market to establish a bottom. The market remained near to the highs as the call approached, and though some aggressive MOC selling emerged to bring Aug’25 back to close at $472.80 the overall context of the day erred to the positive with Aug/Oct’25 much firmer at $7.80 and Aug/Jul’25 valued at $110.80.