Daily Market Price Updates and Commentary 16th October 2025

Raw Sugar Update

There was some light buying around during the early part of the day which enabled values to remain stable, though the gains struggled to move beyond single digits. This situation played out right the way through the morning, and we had to wait for those in the Americas to join before additional movement arrived in the form of some short covering that nudged March’26 ahead to 15.87. Mid afternoon brought the news of the latest UNICA figures, and their publication showing Cane at 40.855 mmt / Sugar 3.137 mmt / Mix 51.17% / ATR 157.48 kg/t / Ethanol 2.213 mlt. This was slightly above most estimates, and a quick reaction saw March’26 pushed back to 15.58 across the next 20 minutes until a few of the sellers looked to cover back and levelled the market back out in the 15.70’s. Spreads were providing little interest as the tight band either side of 0.50 points continues for March/May’26, and with the flat price remaining inactive it was a slow trudge towards the close. The final stages did see a push back to 15.85, along the way establishing a March’26 settlement level at 15.80 which changes nothing at all on the charts.  

White Sugar Update

Dec’25 remains choppy while attempting to hold on to the double bottom chart support, with early trading placing it between $439.10 and $443.20. Through to the middle of the morning activity remains to the centre of this band, however with the Dec’25 spreads still coming under pressure and few buyers willing to pay up we then dropped back down to make an exploration of yesterdays low. Before the morning had completed the $438.10 low mark had been matched, but while trading continued only a small way ahead of this mark, we did not fall any further. Eventually some short covering emerged and took the market back up through the morning range, but any prospect of rally ended as prices once more slipped in line with No.11 following publication of UNICA data. The low was matched on this dip and trading then settled back into a narrow band south of $440.00. Through the later afternoon we saw Dec’25/March’26 fall back to $0.20 as rolling picks up ahead of next months expiry, though on this occasion there was no return to a discount. The ongoing flirtation with the lows continued into the final hour, though the closing period then saw some short covering which pulled Dec’25 up to a $440.60 settlement and left Dec’25/March’26 valued at $0.80.