Daily Market Price Updates and Commentary 13th October 2025

_{Raw Sugar Update} 

Thought March’26 traded higher on the opening there was a limited amount of buying on shown once initial hedge lifting had completed, and before long we were tracking back down to explore Fridays 15.97 low mark. There was hardly any opposition being put up by buyers and this area soon gave way to leave the price sitting in the upper 15.80’s by the middle of the morning, and against only scale down buying interest there was another slide lower before the morning was done which broke below 15.76 to see new contract lows traded. Only in the 15.60 area did the market start to find a little more support, though with specs now happy to hold positions given the state of the chart there was no bounce forthcoming. Instead, the flat price remained under pressure throughout the afternoon, lows at 15.53 along the and never making it more thank 0.15 points from this mark across the final few hours. Spreads weakened by a few points though performed better than may have been anticipated in the circumstances as March/May’25 ended at 0.45 points, though volumes were light with the outright providing the bulk of the interest. Specs will undoubtedly have added to their sizable short holding, and it will be interesting to see what change there is to open interest tomorrow as this provides our best current indicator of position movement during the US government shutdown. While there was some light position covering later in the afternoon it had limited impact, and we moved to a weak close at 15.61 that leave the market looking heavy.

White Sugar Update

There was no gentle entry to the week as sellers arrived from the start of trading, sending Dec’25 down from initial unchanged prints to sit at $446.10 after just an hour. A brief pause in the decline was simply a chance for sellers to re-gather themselves and across the rest of the morning prices were pressured further. Noving into the afternoon the technical became the contract low mark at $438.80, and while there was some stronger buying starting to arrive from end users/consumers the market moved closer to this mark in reaching $440.00. A prolonged period was then spent hugging the lows, but the buying saw now proving resilient and so the market held firm, and no additional losses were incurred. Moving into the final two hours of the session there was some short covering by smaller traders which reduced the losses and took the price back to $447.30, though its impact was felt more in white premiums values as a lack of spring from No.11 allowed March/March’26 to push back to $97.00. The rally did not sustain until the close with settlement reached at $444.00 as the price dropped back, and while this was a few dollars away from the lows the technical picture suggests there will likely be additional downside testing ahead.