Raw Sugar Update

Oct’25 opened the session at 16.35c/lb, trading quietly between 16.35–16.40c in the early morning. Light speculative buying briefly pushed the market to an intraday high of 16.42c/lb, but the upward momentum did not last. Prices began to soften and by midday, a gradual retreat towards 16.28c was observed, driven by possible small-scale liquidations and lack of buyer interest. Activity remained muted through the early afternoon, with the contract finding temporary support just above 16.20c. However, selling pressure re-emerged late in the day, pushing prices to a session low of 16.12c/lb around 17:30, marking the lowest point of the week. A modest late bounce followed into the close, with Oct’25 settling at 16.20c/lb, a 0.14c loss on the day.
 
Raw Sugar No.11 (SB) – ICE Futures US Softs
Month Open High Low Sett Chg Last Vol O/I
Oct’25 16,35 16,42 16,12 16,18 -0,17 16,20 44.094 387.081
Mar’26 16,99 17,05 16,74 16,78 -0,19 16,80 21.876 224.139
May’26 16,67 16,74 16,47 16,51 -0,16 16,53 8.224 90.051
Jul’26 16,55 16,62 16,38 16,42 -0,13 16,45 5.452 67.938
Oct’26 16,75 16,79 16,60 16,64 -0,10 16,68 2.214 43.302
Mar’27 17,19 17,19 17,08 17,12 -0,07 17,14 941 24.584
May’27 16,80 16,81 16,73 16,77 -0,05 16,77 488 12.257
Jul’27 16,62 16,64 16,60 16,62 -0,04 16,63 500 11.714
Oct’27 16,70 16,70 16,69 16,71 -0,03 16,69 128 8.843
Mar’28          –              –              –   17,08 -0,03 17,19 6 1.746
May’28          –              –              –   16,76 -0,03 16,88 6 701
                 
Total             83.929 872.356

White Sugar Update

The Oct’25 white sugar contract opened at $467.40, briefly firming to a high of $470.80 during the early session on modest upward momentum. However, the strength was short-lived as selling pressure emerged mid-morning, gradually weighing on the market. Prices eased through the afternoon as buyers stepped back, and the contract dipped to an intraday low of $463.20. Although a short-lived recovery attempt was seen late in the second half of the session, it failed to gather traction. The market remained soft into the close, settling at $464.70, down $2.70 on the day. Overall, the contract stayed within the broader $463–471 range, showing no clear conviction either side. 

White Sugar No.5 (QW) – ICE Futures Europe Commodities
Month Open High Low Sett Chg Last Vol O/I
Oct’25 467,40 470,80 463,20 465,00 -2,80 465,00 7.798 59.301
Dec’25 460,40 462,60 456,10 457,50 -3,30 457,30 3.837 31.319
Mar’26 464,90 466,40 460,20 461,50 -3,70 461,40 1.676 18.362
May’26 466,00 467,70 462,20 463,60 -3,80 463,70 682 5.981
Aug’26 466,10 467,50 463,30 464,30 -3,40 464,20 218 4.609
Oct’26 467,70 469,30 465,40 466,60 -2,70 466,50 114 2.562
Dec’26 471,30 472,90 470,10 470,80 -2,00 470,80 25 1.907
Mar’27 476,70 476,70 475,60 476,10 -1,80 475,60 12 770
May’27 477,80 477,80 477,60 478,60 -0,80 477,60 5 205
Aug’27 479,50 479,50 479,50 480,30 0,60 479,50 26 211
Oct’27          –              –              –   480,30 0,60 –            –   130
Dec’27          –              –              –   480,20 0,60 –            –   12
Mar’28          –              –              –   480,00 0,60 –            –                 –  
May’28          –              –              –   480,00 0,60 –            –                 –  
Total             14.393 125.369
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Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

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