Raw Sugar Update
There was very little movement initially this morning with a calm opening leading the market into a period of sideways trading. May’26 did push up to 14.47 before the end of the morning however the movement was based on low volume and so we returned to sit near to 14.40 awaiting any input from the US. A brief push ahead to 14.53 did follow as specs gave the market a nudge into the overhead scales, but aside from breaking the run of lower highs on the chart the movement achieved little and following some posturing at the higher level’s prices fell back into the range. Smaller specs / day traders continued to generate most of the interest as the morning lows came in for some scrutiny, and through the later part of the session we did see some new daily lows recorded at 14.30, albeit in an area that was reasonably well supported by the consumer sector. Some final buying arrived for the closing stages as traders closed off risk ahead of the weekend, and it drew values a small distance from the lows. May’26 posted settlement at 14.37 as we head to the weekend waiting to see how much risk the funds may have reduced through the latest COT report and watch the macro and newswires for the latest developments.
| Raw Sugar No.11 (SB) – ICE Futures US Softs | ||||||||
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| May’26 | 14.40 | 14.53 | 14.30 | 14.37 | -0.01 | 14.41 | 59,593 | 435,410 |
| Jul’26 | 14.60 | 14.69 | 14.50 | 14.57 | 0.02 | 14.62 | 37,658 | 206,011 |
| Oct’26 | 14.96 | 15.05 | 14.85 | 14.93 | 0.01 | 14.96 | 15,888 | 157,281 |
| Mar’27 | 15.63 | 15.71 | 15.52 | 15.60 | -0.01 | 15.63 | 5,170 | 129,308 |
| May’27 | 15.40 | 15.48 | 15.32 | 15.38 | -0.02 | 15.40 | 1,660 | 33,686 |
| Jul’27 | 15.42 | 15.49 | 15.34 | 15.39 | -0.03 | 15.41 | 447 | 21,655 |
| Oct’27 | 15.71 | 15.78 | 15.63 | 15.68 | -0.03 | 15.71 | 656 | 15,193 |
| Mar’28 | 16.33 | 16.39 | 16.31 | 16.29 | -0.04 | 16.32 | 135 | 6,598 |
| May’28 | – | – | – | 16.12 | -0.04 | 16.11 | 89 | 3,357 |
| Jul’28 | – | – | – | 16.10 | -0.04 | 16.13 | 19 | 3,824 |
| Oct’28 | – | – | – | 16.32 | -0.04 | 16.35 | – | 1,781 |
| Total | 121,315 | 1,014,104 | ||||||
White Sugar Update
May’26 printed lower on the opening however it was a very brief sojourn lower and soon prices were working into credit. Through to mid-morning the play from day traders was to push higher and explore any potential macro driven potential, though there proved to be insufficient interest to take prices through the $420.00 area and some profit taking followed. It was as we passed noon that another move was initiated in association with US specs, whose arrival generated a rise to new daily highs at $421.60, though despite more persistent efforts the price still failed to break through the selling that has been placed ahead of Mondays highest levels. When the buyers decided to abandon their effort and seek cover they were met with very limited buying and a steady retreat through the range ensued, one which last across the afternoon and eventually took the price within 0.20c of the opening lows. Spreads repeated yesterdays showing with solid volume changing hands for May/Aug’26 either side of -$5.00, while white premiums disappointed through the afternoon with the two nearest positions falling back through $100 having posted morning highs in the $101.50 area. The day ended with May’26 posting token gains at $415.00 following some end of day position squaring, while May/Aug’26 ended at precisely -$5.00 and the premiums provided values at $98.20 for May/May’26 and $98.80 for Aug/Jul’26.
| White Sugar No.5 (QW) – ICE Futures Europe Commodities | ||||||||
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| May’26 | 414.30 | 421.60 | 413.10 | 415.00 | 0.70 | 415.90 | 12,484 | 65,091 |
| Aug’26 | 419.60 | 425.00 | 418.50 | 420.00 | 0.20 | 421.10 | 9,540 | 41,792 |
| Oct’26 | 423.40 | 427.70 | 421.90 | 423.50 | – | 424.20 | 3,310 | 18,385 |
| Dec’26 | 425.60 | 428.90 | 424.00 | 425.30 | -0.10 | 425.80 | 814 | 8,616 |
| Mar’27 | 429.80 | 432.00 | 428.10 | 429.70 | -0.10 | 430.00 | 169 | 8,487 |
| May’27 | 431.00 | 432.70 | 430.40 | 430.90 | -0.20 | 430.40 | 24 | 2,965 |
| Aug’27 | 432.10 | 432.10 | 432.10 | 431.60 | -0.40 | 432.10 | 1 | 2,529 |
| Oct’27 | – | – | – | 434.10 | -0.40 | 431.40 | – | 1,199 |
| Dec’27 | – | – | – | 439.70 | -0.40 | 437.00 | – | 687 |
| Mar’28 | – | – | – | 446.10 | -0.40 | 443.60 | 1 | 530 |
| May’28 | – | – | – | 451.30 | -0.40 | 449.90 | 1 | 406 |
| Aug’28 | – | – | – | 455.30 | -0.40 | – | – | 147 |
| Oct’28 | – | – | – | 458.70 | -0.40 | – | – | 9 |
| Dec’28 | – | – | – | 461.90 | -0.40 | – | – | – |
| Total | 26,344 | 150,843 | ||||||
