Daily Market Price Updates and Commentary 14th November 2025

Raw Sugar Update

It was a subdued start to trading with the early stages seeing March’26 trading slightly lower to 14.35 before settling down and gathering back the modest loss. Moving towards the middles of the morning the price was holding quietly in the 14.50 area, mild progress which provided encouragement to smaller traders as they moved in with some fresh buying and took the price back towards yesterday’s 14.77 high. Through the rest of the morning their efforts fell short of this mark, however an early afternoon push had more aggression, and though the move provided some small volatility after reaching 14.83 it had sufficient credence to encourage the buyers to maintain their push. Publication of UNICA numbers for the first half of November showed Cane at 31.108 mmt / Sugar 2.068 mmt / Mix 46.02% / ATR 151.56 kg/t / Ethanol 1.518 mlt, and while this was a little way above estimates for cane/sugar across the period it had no impact on the market progress which continued steadily ahead. Some buy stops looked to be triggered as we reach 14.90 and the price quickly moved ahead to show a 15c handle for the first time this month, recording a high at 15.05 before falling back through on some day trader profit taking. The stable performance remained in place as the close played out in the mid 14.90’s, and a settlement at 14.96 provides a decent base from which to try and look higher again next week although whether there is the level of buying required to sustain a rally remains questionable. 

White Sugar Update

March’26 slipped to $410.00 initially but quickly reversed the loss and was trading up in the $415.00 area before the first hour completed. That was not the end of the gains and the price continued higher to $420.50 as the morning progressed, reversing yesterdays retreat as the smaller traders volumes continue to drive the movements. Alongside this there was the small matter of Dec’25 heading towards expiry, and while its volumes were low and unlikely to significantly move its starting open interest of 7,236 lots they were moving the spread values significantly. Dec’25/March’26 suddenly could not find any buying and so the sharp gain made yesterday was unwound and the value moved back to sit in the $2.00 area. The stability maintained into the afternoon and while the rate of progress tempered there was continued progression into the mid $420’s. The market received a boost from spec buying of the No.11, and the reaction took March’26 ahead to $427.90 before topping out and drawing some pre-weekend position liquidation. Dec’25 was heading into expiry more positively with the spread away from its lows and trading last at $6.10 as March’26 headed toward the call still holding above $425.00. Settlement was reached at $425.80 to provide a improved look for the chart when March’26 assumes the top of the board on Monday.
Dec’25 settled at $431.60, and Dec’25/March’26 expired at $5.80 premium. Early news suggests that 7,247 lots (362,350mt) will be tendered, with formal confirmation of participants/origins to follow on Monday.