ICE Futures U.S. Sugar No.11 Contract
Settlement (cUS$/lb) Open High Low Last Volume O/I Life High Life Low
Jul26 14.91 0.22 ▲ 14.77 14.99 14.60 14.95 62,979 440,645 20.72 13.34
Oct26 15.39 0.23 ▲ 15.25 15.46 15.07 15.43 30,029 217,351 20.67 13.70
Mar27 16.23 0.24 ▲ 16.07 16.29 15.91 16.26 12,167 160,580 19.14 14.42
May27 16.00 0.24 ▲ 15.82 16.06 15.68 16.02 3,632 49,128 17.99 14.29
Jul27 15.97 0.24 ▲ 15.78 16.01 15.66 15.98 1,880 40,451 17.76 14.27
Oct27 16.20 0.23 ▲ 16.02 16.24 15.92 16.22 1,176 19,036 17.64 14.45
Mar28 16.79 0.22 ▲ 16.70 16.81 16.65 16.78 296 12,150 17.83 14.97
May28 16.49 0.22 ▲ 16.35 16.52 16.35 16.50 36 5,645 17.53 14.82
Jul28 16.41 0.21 ▲ 16.43 16.44 16.43 16.44 5 5,901 17.06 14.74
Oct28 16.60 0.21 ▲ 16.63 16.65 16.63 16.65 3 3,798 16.97 15.01
Mar29 17.11 -0.02 ▼ 16.96 16.96 16.96 16.96 1 134 16.96 16.35
Total 112,204 954,819
*Volume includes exchange for physicals.

ICE U.S. Sugar No.11 – Spreads
Date Spread Date Spread
Jul26 / Oct26 -0.48 May27 / Jul27 0.03
Jul26 / Mar27 -1.32 May27 / Oct27 -0.20
Jul26 / May27 -1.09 Jul27 / Oct27 -0.23
Jul26 / Jul27 -1.06 Jul27 / Mar28 -0.82
Oct26 / Mar27 -0.84 Oct27 / Mar28 -0.59
Oct26 / May27 -0.61 Oct27 / May28 -0.29
Mar27 / May27 0.23 Mar28 / May28 0.30
Mar27 / Jul27 0.26 Mar28 / Jul28 0.38

ICE Europe White Sugar Futures Contract
Settlement (US$/mt) Open High Low Last Volume O/I Life High Life Low
Aug26 437.30 5.30 ▲ 433.20 439.10 429.20 438.00 10,258 60,438 519.20 392.30
Oct26 436.80 4.50 ▲ 433.60 438.60 429.70 437.50 4,127 29,581 514.40 391.10
Dec26 439.80 3.80 ▲ 437.30 441.40 433.30 440.30 1,988 14,827 514.40 393.20
Mar27 445.70 3.70 ▲ 443.50 447.00 439.50 445.80 1,201 13,553 511.80 398.00
May27 448.50 3.90 ▲ 446.10 449.70 442.40 448.40 513 2,818 495.00 401.40
Aug27 449.40 3.90 ▲ 445.20 450.20 445.00 449.50 45 2,917 491.50 404.30
Oct27 451.30 5.60 ▲ 446.50 446.80 446.50 446.80 10 1,387 491.00 408.20
Dec27 455.60 3.90 ▲ 453.00 453.00 453.00 453.00 1 914 492.80 414.30
Mar28 461.10 -11.20 ▼ 471.20 471.20 459.40 459.40 32 586 480.50 421.00
May28 463.00 -10.10 ▼ 471.90 472.00 460.70 460.80 96 576 482.40 426.30
Aug28 463.00 -7.80 ▼ 473.60 473.60 473.30 473.30 2 147 481.30 431.10
Oct28 464.00 21.70 ▲ 441.70 441.70 441.70 441.70 1 9 443.50 441.70
Dec28 466.30 — — — — — — — — —
Mar29 469.30 — — — — — — — — —
Total 18,274 127,753
*Volume includes exchange for physicals.

ICE Europe White Sugar – Spreads
Date Spread Date Spread
Aug26 / Oct26 0.50 Oct26 / Dec26 -3.00
Aug26 / Dec26 -2.50 Dec26 / Mar27 -5.90
Aug26 / Mar27 -8.40 Mar27 / May27 -2.80
Aug26 / May27 -11.20 May27 / Aug27 -0.90

White Sugar Premium
Date Premium Date Premium
Jul26 / Aug26 108.59 Mar28 / Mar28 90.94
Oct26 / Oct26 97.51 May28 / May28 99.46
Mar27 / Mar27 87.89 Jul28 / Aug28 101.22
May27 / May27 95.76 Oct28 / Oct28 98.03
Jul27 / Aug27 97.32 Mar29 / Mar29 92.09
Oct27 / Oct27 94.15
*Values calculated basis 6:09 PM.

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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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