Daily Market Price Updates and Commentary 20th June 2025

Raw Sugar Update

Having seen white sugar surge higher whilst closed for the Juneteenth holiday the market was facing a much higher call this morning. When trading resumed nearby values were firmer but still well short of matching the whites with Oct’25 between 16.51 and 16.67 across the opening moments and then moving to 16.73 where progress stalled. A period of consolidation followed however no additional upside movement was generated and by the middle of the morning some day trader liquidation pushed back down to 16.60. Many traders were absent and enjoying a long weekend, though whether this was a factor in the apathy which saw the early range hold well into the afternoon was uncertain given the lack of interest from many circles across recent months. Spreads were seeing some volume with Jul/Oct’25 rolling continuing in the -0.44/-0.43 area, but that aside it was another featureless period. Some selling returned later in the afternoon with short holders looking to work the price back down, sending Oct’25 back to 16.44 but not eliminating all the net gain. Through the later stages the market stabilized within the lower part of the days range leading to settlement values for Jul’25 at 16.10 and Oct’25 at 16.57. While still weak from a wider technical perspective this does move prices away from Wednesdays lows and back into the range ahead of the weekend, and with the COT delayed until Monday we will resume next week still awaiting data as to whether the funds/specs have surpassed the 100,000-lot short mark. 

White Sugar Update

By the time that the market opened we had already seen No.11 fail to match our sweeping gains from yesterday, but though Aug’25 soon slipped back to $478.10 it then found more support and looked to cement the latest stage in its recent run of positive showings. Across the morning the spot month clawed its way back to $484.40 which was still short of yesterday’s higher levels, yet this was sufficient to place the Aug/Jul’25 white premium value in the region of $126.00. Activity calmed as the morning progressed, and the picture remained quiet into the afternoon as the market moved along within a narrow band while still looking to maintain its air of stability. Pressure did start to be applied to the top end of the board during the last couple of hours with Aug’25 taking a bump down to $473.50 before looking to dig back in ahead of the final hour. This drop hit both spread and premium with Aug/Oct’25 falling to $9.00 and Aug/Jul’25 back to $121.00, while the less volatile Oct/Oct’25 lost more limited ground and was sitting at $101.50. With the recovery not gaining much support we returned to make new lows at $473.10 late in the day though ended a small way above this mark at $475.10 as traders squared off positions ahead of the weekend. Aug/Jul’25 settled at $120.20 with Oct/Oct’25 at $101.80,, both positive on the week as whites continue to show greater resilience than No.11.