Raw Sugar Update
There was some enthusiasm during early trading which helped the market to build upon yesterday’s gain, and through the first 20-minutes March’26 surged ahead to 14.77. This rally soon ran out of steam and by the middle of the morning prices had returned to overnight levels and as a result some traders retreated from the market. Volume remained low heading into the afternoon with only the spot month finding any real interest, but while the price set back as far as 14.37 there was no great impetus being generated and continuing rangebound trade followed. There was a pop back up to 14.62 as the afternoon progressed, but it was based upon small trader interest only and so faded away once the inevitable position liquidation occurred. It seems that the market would end in the centre of the range however there was more selling to follow through the final stages and this sent March’26 back towards the lows heading into the call. A mix of closing activity left March’26 settling at 14.44, somewhat disappointing after the early rally and leaving the market still firmly entrenched.
| Raw Sugar No.11 (SB) – ICE Futures US Softs | ||||||||
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| Mar’26 | 14.53 | 14.77 | 14.37 | 14.44 | -0.08 | 14.43 | 47,402 | 486,827 |
| May’26 | 14.10 | 14.31 | 13.95 | 13.99 | -0.08 | 13.96 | 15,209 | 179,097 |
| Jul’26 | 13.98 | 14.21 | 13.88 | 13.92 | -0.07 | 13.90 | 8,066 | 108,450 |
| Oct’26 | 14.21 | 14.49 | 14.16 | 14.18 | -0.08 | 14.19 | 4,681 | 74,852 |
| Mar’27 | 14.91 | 15.14 | 14.84 | 14.87 | -0.06 | 14.85 | 1,929 | 41,817 |
| May’27 | 14.78 | 14.93 | 14.72 | 14.74 | -0.05 | 14.74 | 892 | 20,659 |
| Jul’27 | 14.75 | 14.89 | 14.73 | 14.75 | -0.05 | 14.74 | 914 | 15,252 |
| Oct’27 | 15.00 | 15.13 | 15.00 | 15.00 | -0.05 | 15.00 | 742 | 13,888 |
| Mar’28 | 15.58 | 15.67 | 15.57 | 15.58 | -0.05 | 15.65 | 170 | 4,938 |
| May’28 | 15.51 | 15.55 | 15.48 | 15.46 | -0.04 | 15.55 | 50 | 2,298 |
| Jul’28 | 15.52 | 15.54 | 15.51 | 15.48 | -0.04 | 15.51 | 35 | 2,135 |
| Total | 80,090 | 950,213 | ||||||
White Sugar Update
March’26 jumped higher on the opening in reaction to No.11 strength, though the highs at $422.10 were seen only fleetingly as the price moved into immediate retreat and filled the overnight chart gap. In just 90 minutes the price retreated all the way back to $414.60, and there was more to follow as we moved into the afternoon with additional losses incurred as the lack of support away from recent lows became apparent. March’26 set back to $411.50, pressure which started to aid the Dec’25/March’26 spread where the value moved away from the $1.50 area and up towards $4.00. Trading was thinner in the spread now that open interest has reduced to 8,822 lots, and through the afternoon there were moves being made by receivers to strengthen the value on modest volume, eventually yielding a daily high value at $9.90. the flat price was meanwhile tracking the lower half of the range as a move back to $471.00 failed to garner continued support and the resulting position liquidation sent the value back towards the lows ahead of the close. Marh’26 settled at $412.60, undoing any positive influence from yesterday’s performance, while Dec’26/March’26 settled at $9.70 to move into its final trading day with some strength.
| White Sugar No.5 (QW) – ICE Futures Europe Commodities | ||||||||
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| Dec’25 | 421.10 | 423.50 | 413.20 | 422.30 | 4.50 | 421.90 | 6,472 | 8,822 |
| Mar’26 | 419.90 | 422.10 | 411.50 | 412.60 | -3.80 | 412.40 | 10,616 | 78,777 |
| May’26 | 414.90 | 417.20 | 408.40 | 409.20 | -3.20 | 409.10 | 4,048 | 26,799 |
| Aug’26 | 410.00 | 412.00 | 405.40 | 406.20 | -1.70 | 406.00 | 2,391 | 14,814 |
| Oct’26 | 406.50 | 409.50 | 404.50 | 405.40 | -0.60 | 405.50 | 482 | 5,295 |
| Dec’26 | 410.00 | 411.40 | 407.40 | 408.50 | 0.20 | 408.50 | 198 | 2,822 |
| Mar’27 | 417.40 | 417.40 | 413.70 | 413.90 | -0.10 | 413.90 | 87 | 2,496 |
| May’27 | – | – | – | 419.00 | -0.10 | 416.50 | 19 | 910 |
| Aug’27 | – | – | – | 422.90 | -0.30 | 419.70 | 2 | 661 |
| Oct’27 | – | – | – | 425.40 | -0.20 | 426.90 | – | 542 |
| Dec’27 | – | – | – | 429.50 | -0.30 | 429.40 | – | 344 |
| Mar’28 | – | – | – | 435.30 | -0.10 | – | – | 191 |
| May’28 | – | – | – | 439.80 | 0.20 | – | – | 146 |
| Aug’28 | – | – | – | 442.50 | 0.20 | – | – | – |
| Total | 24,315 | 142,619 | ||||||
