Daily Market Price Updates and Commentary 18th June 2025

Raw Sugar Update

The day started poorly as Oct’25 printed lower at 16.40 and then continued south, only levelling out having reached 16.26. Funds/specs were back in the driving seat and resolute in their desire to forge new lower market levels, and while the next couple of hours saw some attempt to consolidate against pricing orders there was only limited recovery in price. By late morning we were seeing some new lows register and this pattern continued into the afternoon with renewed spec pressure arriving from the US. This sent Oct’25 back to another 2-year low at 16.20, however as we moved onward the limited nature of spec/fund selling allowed the market to re-gather ahead of some contrarian play as opportunistic buyers looked to swing the short sided traders out of their fresh positions. This provided some dynamic movement as the market cut through the limited selling and recovered to 16.56 in quick time, before re-illustrating the thin and fickle nature of the market currently and giving back the gain in full just an hour later. More day trader shenanigans were to come, and another push higher followed on this occasion stalling at 16.48 and remaining shy of the earlier mark. By late afternoon we had see-sawed lower again with Oct’25 finding support ahead of 16.30 and remaining in this area until the close. Settlements were again weak with Jul’25 at 15.88 and Oct’25 at 16.31, as we now break for tomorrows Juneteenth holiday and await to see whether other markets will have had any influence before we resume on Friday.  

White Sugar Update

Yesterday’s rapid reversal had killed any faint optimism that had been generated of a more significant rally and with the wider fundamental view still negative there was immediate selling appearing this morning with traders looking to test $460.00 and investigate the area below. This occurred within the first 20 minutes of trading and saw Aug’25 make new lows at $458.70, however there was not much continuation selling and so the market was able to stablise back to the low $460’s and take stock of this latest development. Through the rest of the morning and into the early afternoon we saw the whites sit quietly sideways and recover some of the lost white premium ground in the process as Aug/Jul’25 worked its way back above $113.00. Despite struggling along the market was not showing the inclination to continue lower and so turned back away from the lows and up through the morning range on short covering. This in turn drew out more buying and caused the market to spike upward, gathering some rapid p[ace as Aug’25 reached to $472.90 before then falling back on position liquation which had a similarly sharp impact, something to be expected when resting orders are so few. Though the market slipped again, the Aug’25 contract was once more showing some positive credentials and sharply widened its spread and white premium values with Aug/Oct’25 moving up to $9.00 and Aug/Jul’25 extending all the way to $119.00. Reaching the close Aug’25 was standing out as the only position in credit as it settled at $469.10, with the rest of the board showing degrees of loss as the wider struggle continues.