ICE Futures U.S. Sugar No.11 Contract
Settlement (cUS$/lb) Open High Low Last Volume O/I Life High Life Low
Jul26 15.38 0.37 14.95 15.41 14.95 15.39 82,863 429,506 20.72 13.34
Oct26 15.84 0.32 15.50 15.86 15.45 15.85 41,438 228,335 20.67 13.70
Mar27 16.64 0.29 16.31 16.67 16.29 16.66 19,794 165,914 19.14 14.42
May27 16.37 0.26 16.06 16.39 16.06 16.39 6,052 49,419 17.99 14.29
Jul27 16.31 0.23 16.02 16.34 16.01 16.33 4,730 40,943 17.76 14.27
Oct27 16.51 0.20 16.25 16.53 16.24 16.52 2,889 19,694 17.64 14.45
Mar28 17.08 0.18 16.88 17.11 16.88 17.08 534 12,093 17.83 14.97
May28 16.75 0.16 16.70 16.81 16.70 16.74 229 5,686 17.53 14.82
Jul28 16.66 0.14 16.63 16.70 16.63 16.66 103 5,897 17.06 14.74
Oct28 16.85 0.14 16.80 16.90 16.80 16.90 84 3,802 16.97 15.01
Mar29 17.35 0.22 16.96 16.96 16.96 16.96 1 134 16.96 16.35
Total 158,717 961,423
*Volume includes exchange for physicals.

 

 

ICE U.S. Sugar No.11 – Spreads
Date Spread Date Spread
Jul26 / Oct26 -0.46 May27 / Jul27 0.06
Jul26 / Mar27 -1.26 May27 / Oct27 -0.14
Jul26 / May27 -0.99 Jul27 / Oct27 -0.20
Jul26 / Jul27 -0.93 Jul27 / Mar28 -0.77
Oct26 / Mar27 -0.80 Oct27 / Mar28 -0.57
Oct26 / May27 -0.53 Oct27 / May28 -0.24
Mar27 / May27 0.27 Mar28 / May28 0.33
Mar27 / Jul27 0.33 Mar28 / Jul28 0.42

No.11 opened the session at 15.03 and initially traded on the back foot, slipping toward the intraday low of 14.95 during the morning session. After the early weakness, the market gradually stabilised and spent much of late morning and early afternoon consolidating in a relatively tight range before stronger buying interest emerged later in the day. Momentum improved notably through the afternoon session, with prices pushing steadily higher and eventually testing the session high at 15.40. The late rally reflected firmer sentiment and helped the market recover comfortably from the morning lows. No.11 ultimately settled at 15.39, up on the day and just shy of the session high, suggesting buyers retained control into the close.

 

ICE Europe White Sugar Futures Contract
Settlement (US$/mt) Open High Low Last Volume O/I Life High Life Low
Aug26 455.40 13.70 442.20 455.80 442.20 455.30 9,745 58,102 519.20 392.30
Oct26 453.40 13.20 441.30 453.70 441.20 453.40 4,844 29,404 514.40 391.10
Dec26 454.50 12.00 443.40 454.80 443.40 454.30 2,773 15,915 514.40 393.20
Mar27 458.90 10.80 448.80 459.10 448.80 458.80 974 14,024 511.80 398.00
May27 461.10 9.80 451.90 461.20 451.90 460.90 420 2,860 495.00 401.40
Aug27 461.40 9.10 454.10 461.50 454.10 461.50 43 2,921 491.50 404.30
Oct27 462.70 8.70 462.00 462.90 461.70 462.90 27 1,396 491.00 408.20
Dec27 466.30 8.00 465.80 466.60 465.80 466.50 3 914 492.80 414.30
Mar28 471.20 7.40 470.60 471.30 470.60 471.10 3 586 480.50 421.00
May28 471.90 6.20 468.80 472.60 468.80 471.80 25 566 482.40 426.30
Aug28 471.90 1.10 473.60 473.60 473.30 473.30 2 147 481.30 431.10
Oct28 472.90 30.60 441.70 441.70 441.70 441.70 1 9 443.50 441.70
Dec28 475.20
Mar29 478.20
Total 18,860 126,844
*Volume includes exchange for physicals.

 

 

ICE Europe White Sugar – Spreads
Date Spread Date Spread
Aug26 / Oct26 2.00 Oct26 / Dec26 -1.10
Aug26 / Dec26 0.90 Dec26 / Mar27 -4.40
Aug26 / Mar27 -3.50 Mar27 / May27 -2.20
Aug26 / May27 -5.70 May27 / Aug27 -0.30

 

 

White Sugar Premium
Date Premium Date Premium
Jul26 / Aug26 116.33 Mar28 / Mar28 94.65
Oct26 / Oct26 104.19 May28 / May28 102.63
Mar27 / Mar27 92.05 Jul28 / Aug28 104.61
May27 / May27 100.20 Oct28 / Oct28 101.42
Jul27 / Aug27 101.83 Mar29 / Mar29 95.70
Oct27 / Oct27 98.72
*Values calculated basis 6:09 PM.

 

No.5 opened at 444.90 and initially traded in a relatively steady range before gradually strengthening through the morning session. Buying momentum increased into midday, with the market climbing toward the 450 area before some profit-taking and softer trade emerged during the early afternoon. Following the midday pullback, prices stabilised and began to recover as buying interest returned, similar to the No.11. The market then rallied strongly through the second half of the session, with momentum accelerating after mid-afternoon as No.5 pushed to fresh intraday highs. The market eventually traded to a session high of 455.80 before settling at 455.40, ending the day sharply higher overall and maintaining a constructive tone into the close.

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Market chart asset

 

 

Market chart asset

 

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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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