Raw Sugar Update
The fickle nature of the current market was again underlined as we opened lower and failed to build in any way upon yesterday’s gains. Despite a small effort to pull back the initial losses the market soon started to track back down through the range and only found some element of support in the low 17.40’s. From here the now familiar sideways pattern returned and through the next few hours the market tracked quietly sideways with no sign of any interest to move values either way. By 2pm bigger selling volumes led market to trade at daily low (17.32). From that time until the end of the session, prices were caged in the 17.35- 17.50 range. Market settled at 17.40, 30 pts below yesterday`s settlement, reversing most of the gains of last session. Volume traded was 45k lots and spreads weakened all over the board, with N5/V5 settling at -0.20.
| Raw Sugar No.11 (SB) – ICE Futures US Softs |
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| Jul’25 | 17.64 | 17.70 | 17.32 | 17.40 | -0.30 | 17.38 | 46,694 | 329,754 |
| Oct’25 | 17.84 | 17.86 | 17.50 | 17.60 | -0.26 | 17.57 | 26,251 | 172,638 |
| Mar’26 | 18.20 | 18.25 | 17.92 | 18.03 | -0.22 | 18.00 | 14,517 | 126,295 |
| May’26 | 17.55 | 17.60 | 17.31 | 17.43 | -0.18 | 17.41 | 9,501 | 62,149 |
| Jul’26 | 17.30 | 17.35 | 17.09 | 17.17 | -0.19 | 17.15 | 8,475 | 42,453 |
| Oct’26 | 17.37 | 17.39 | 17.17 | 17.26 | -0.17 | 17.24 | 2,823 | 33,144 |
| Mar’27 | 17.73 | 17.73 | 17.56 | 17.64 | -0.15 | 17.61 | 1,034 | 16,352 |
| May’27 | 17.36 | 17.36 | 17.23 | 17.30 | -0.12 | 17.30 | 534 | 7,874 |
| Jul’27 | 17.22 | 17.22 | 17.10 | 17.17 | -0.10 | 17.17 | 333 | 10,029 |
| Oct’27 | 17.36 | 17.36 | 17.22 | 17.28 | -0.09 | 17.25 | 128 | 6,259 |
| Mar’28 | – | – | – | 17.63 | -0.08 | 17.75 | 8 | 630 |
| Total | 110,298 | 807,577 |
White Sugar Update
Higher opening prints were fleeting and with the market failing to garner any of the buying interest from yesterday we soon started to slide back down through the range and continue the rangebound zig-zag. With very little buying to be found Aug’25 moved quickly to the $490.00 area and made morning lows at $488.70 with the Aug/Jul’25 white premium value slipping back to $104.50 as a consequence. Sideways trading was observed until 4pm when additional selling came to market and led Aug’25 to trade at its daily low of $486.6. Settlement price was $488.1, $9.6 below yesterday’s settlement, volume traded was 7k lots. Aug/Jul’25 premium settled at $104.24.
| White Sugar No.5 (QW) – ICE Futures Europe Commodities |
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| Aug’25 | 498.00 | 498.70 | 486.60 | 488.10 | -9.60 | 487.40 | 8,278 | 49,924 |
| Oct’25 | 492.60 | 493.00 | 482.80 | 483.90 | -8.90 | 483.40 | 2,355 | 19,420 |
| Dec’25 | 490.50 | 490.70 | 481.70 | 483.60 | -7.40 | 483.00 | 887 | 10,137 |
| Mar’26 | 492.10 | 492.10 | 485.00 | 486.60 | -6.00 | 486.00 | 300 | 8,187 |
| May’26 | 489.70 | 489.70 | 482.00 | 484.90 | -5.20 | 484.10 | 126 | 3,790 |
| Aug’26 | 479.80 | 483.40 | 479.80 | 482.50 | -4.90 | 481.70 | 50 | 2,058 |
| Oct’26 | 478.40 | 481.30 | 478.40 | 480.80 | -4.80 | 480.80 | 27 | 1,083 |
| Dec’26 | 479.50 | 481.20 | 479.50 | 481.60 | -4.90 | 481.20 | 16 | 974 |
| Mar’27 | 484.10 | 484.10 | 484.10 | 484.60 | -5.10 | 484.10 | 1 | 359 |
| May’27 | – | – | – | 485.30 | -5.30 | 490.00 | – | 220 |
| Aug’27 | – | – | – | 485.70 | -5.30 | – | – | 12 |
| Oct’27 | – | – | – | 485.80 | -5.30 | – | – | 60 |
| Dec’27 | – | – | – | 484.60 | -5.30 | – | – | – |
| Mar’28 | – | – | – | 483.90 | -5.30 | – | – | – |
| Total | 12,040 | 96,224 |
