Daily Market Price Updates and Commentary 13th May 2025

Raw Sugar Update

There were slight gains for nearby position through the early part of the session though volume was light and so the movement was of little significance. A mid-morning dip to 17.61 was similarly based upon small trader activities and some optimism returned with a move back to sit in the 17.80’s ahead of the higher volume afternoon period. The market was aided in its efforts to hold onto gains by lower estimates for Brazilian production ahead of todays UNICA announcement, and this led to additional gains through the early afternoon that took Jul’25 up through 18.00 once more. Moving through yesterday’s 18.09 high drew some additional spec buying / short covering and extended Jul’25 through some producer pricing to 18.29 ahead of UNICA publication which showed a cane number of 17.725 mmt / Sugar 0.856 mmt / Mix 45.82% / ATR 110.64 kg/t / Ethanol 0.985 mlt. These numbers were below market estimates and some way shy of last year’s equivalent, but despite this factor the market reacted with some selling and tracked back down towards 18.00. The rest of the afternoon saw consolidation take place at the upper end of the range, which led to a settlement value at 18.22 and placed the market in a more constructive position for the chart. This combined with the New York sugar week may bring additional support for the near term, though questions remain as to the longer-term upside sustainability unless we see the early season trend from Brazil continue and production fall significantly. 

White Sugar Update

Morning trading was mixed, though generally with a positive bias, as Aug’25 traded in the mid and upper $490’s. The positive leaning was assisted by movements elsewhere for No.11, and while volume was light it was proving sufficient to hold prices near to $500 as we reached noon. The upside movement gathered pace through additional spec buying as those in the Americas came online with their efforts providing a steady price increase which enabled Aug’25 to reverse yesterdays movement and work beyond $507.90. Having nudged against some resting selling at $510.00 there was a small retreat, but with the general air of stability prevailing for sugar following publication of the latest UNICA data the market pushed back up and sat only just beneath the highs ahead of the close. The movement had also allowed for some corrective movement in Aug/Oct’25 as it ended the day at $6.20, while the Aug/Jul’25 was gaining value through the late stability to be valued at $108.00 going out. MOC buying saw new Aug’25 highs and provided a settlement at $509.80, an impressive turnaround from 24-hours ago which despite some concerning factors may now see the market look to investigate the late April high at $514.70.