Raw Sugar Update
A wide opening swing between 14.94/14.76 was a prelude to an initial period of struggle in which the market failed to capitalize on Friday’s stronger performance and dropped back down to 14.65. In recent times such a fall has often encouraged the specs to pile in from the short side and crush the price further, but that was not the case on this occasion and instead some calm stability was achieved across the rest of the morning with the price returning to the mid 14.70’s. With so little pricing in place from growers the path back towards 15.00 remained clear, and while there was some chopping around through the early afternoon against smaller/day traders the general direction remained higher with most of the morning loss reversed in returning to the 14.90 area. The efforts topped out here and so values set back to sit a small way below, stagnating in the 14.80 area ahead of the final hour. There was no real change to this situation as we worked towards the close, providing a very slow backdrop to the end of the session as March’26 lurched to a close at exactly 14.80 and completed an inside day on the chart.
White Sugar Update
There were slightly lower values showing as we resumed trading for the week, though initial efforts were being made by longs to try and hold March’26 in the $420’s and consolidate the gains made on Friday. These soon faded however and from an initial high at $425.40 the price set back with lows recorded at $425.90 after less than 90 minutes of trading. The price haemorrhage then abated and through the rest of the morning there was some stability shown as the spot tracked back to the upper teens, slowly looking to portray an air of recovery. There was some increased volatility within the range during the early afternoon, and though this did not detract from general efforts in any meaningful way the price struggled to make much headway above $420.00. Through the rest of the day this had a detrimental impact upon the white premium values, with March/March’26 falling back beneath $92.00 and May/May’26 heading to the $99.00 area. There was also significant weakening for the nearby spread values where March/May’26 recorded lows at $1.50 and May/Aug’26 at $3.30, all of which sends signals that the current efforts to rally do not have longer term sustainability. Outright values continued to struggle and crept back down towards the lower end of the range through the final part of the session, March’26 ending the day at $418.10 while March/May’26 settled at $1.70.
